46-U.S.C.-50303
§50303 – Operating Property and Extending Term of Notes
Pathway
Title 46 > Subtitle V > Part A > Chapter 503 > Section 50303
Details
- Reference: Section 50303
- Legend: §50303 – Operating Property and Extending Term of Notes
- USCode Year: 2013
Provision Content
(a) General Authority.—The Secretary of Transportation may—
(1) operate or lease docks, wharves, piers, vessels, or real property under the Secretarys control, except that the prior consent of the Secretary of Defense for such use shall be required with respect to any vessel in the Ready Reserve Force or in the National Defense Reserve Fleet which is maintained in a retention status for the Department of Defense; and
(2) make extensions and accept renewals of—
(A) promissory notes and other evidences of indebtedness on property; and
(B) mortgages and other contracts securing the property.
(b) Terms of Transactions.—A transaction under subsection (a) shall be on terms the Secretary considers necessary to carry out the purposes of this subtitle, but consistent with sound business practice.
(c) Availability of Amounts.—Amounts received by the Secretary from a transaction under this section are available for expenditure by the Secretary as provided in this subtitle.
(Pub. L. 109–304, §8(b), Oct. 6, 2006, 120 Stat. 1564; Pub. L. 110–181, div. C, title XXXV, §3512, Jan. 28, 2008, 122 Stat. 594.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 50303 | 46 App.:1112. | June 29, 1936, ch. 858, title II, §202, 49 Stat. 1986; Aug. 26, 1937, ch. 822, §1, 50 Stat. 839; June 23, 1938, ch. 600, §1, 52 Stat. 953; Pub. L. 97–31, §12(60), Aug. 6, 1981, 95 Stat. 158. |
In subsection (a), the words Notwithstanding any other provision of law are omitted as unnecessary. In paragraph (1), the word lands is omitted as included in real property. In paragraph (2)(A), the word promissory is added for clarity. The words hereby transferred, referring to the transfer under the first sentence of section 202 of the Merchant Marine Act, 1936 (repealed by section 12(60)(A) of Public Law 97–31), are omitted as obsolete.
Subsection (b) is substituted for in accordance with good business methods and on such terms and conditions as he determines to effectuate the policy of this chapter and upon such terms and conditions as he may prescribe in accordance with sound business practice for consistency and to eliminate unnecessary words.
Amendments
2008—Subsec. (a)(1). Pub. L. 110–181 inserted vessels, after piers, and substituted control, except that the prior consent of the Secretary of Defense for such use shall be required with respect to any vessel in the Ready Reserve Force or in the National Defense Reserve Fleet which is maintained in a retention status for the Department of Defense; for control;.
U.S. Encyclopedia of Law Coverage
46-U.S.C.-50106 in the Legal Encyclopedia: Shipping
In this entry about 46-U.S.C.-50106, find legal reference material, bibliographies and premiere content related to shipping in the American Encyclopedia of Law, presenting a comprehensive view of the United States shipping-specific issues, written by authorities in the field.
Chapter 503 – Administrative in the Legal Encyclopedia: Merchant Marine
In this entry about Chapter 503 – Administrative, find legal reference material, bibliographies and premiere content related to merchant marine in the American Encyclopedia of Law, presenting a comprehensive view of the United States merchant marine-specific issues, written by authorities in the field.
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