Yes there is. I can't quote the number of hours and other criteria off-hand, but we recently had to retire a B200 from an organization I worked for because it ran out of useful airframe life due to fatigue based on hours. Structural fatigue can be corrected, but is not economical on something like a B200 - would cost more than obtaining a replacement low-time aircraft on the market, which is what we did - a lovely, nearly new B350 in excellent condition obtained through a broker.
In this case, I can only assume 240 does not have a large number of hours despite its age and therefore the IAC determined that keeping it on was more sensible than a replcement.
Has it received an avionics upgrade along with the new paint? I'm surprised the IAC did not go for any of the Raisbeck mods recently demonstrated at Baldonnel, such as strakes and props, that would improve fuel efficiency.
