(a) Except as provided in paragraph (b) of this section, each air navigation certificate of "Lawful Authority to Operate a True Light" is hereby revoked, and each application therefor is hereby terminated.

(b) Paragraph (a) of this section does not apply to --

(1) A certificate issued to a Federal-Aid Airport Program sponsor who was required to apply for that certificate under regulations then in effect, and who has not surrendered that certificate under §151.86(e) of this chapter; or

(2) An application made by a Federal-Aid Airport Program sponsor who was required to make that application under regulations then in effect, and who has not terminated that application under §151.86(e) of this chapter. (49 U.S.C. 1101-1120; sec. 307, 72 Stat. 749, 49 U.S.C. 1348)