Unless otherwise specified by the Director, an air operator certificate (AOC) shall remain valid and in force as long as-
(a) the operator meets the requirements for issue of an AOC;
(b) the operator submits on or before the anniversary date of initial issue, the appropriate annual fee as prescribed in Part 187;
(c) the operator successfully completes such audits and inspections as were carried out by the Director, including the satisfactory resolution of any findings reported to the operator by the Director; and
(d) the AOC is not suspended, cancelled or voluntarily returned to the Director.