46-U.S.C.-53509
§53509 – Qualified Withdrawals
Pathway
Title 46 > Subtitle V > Part C > Chapter 535 > Section 53509
Details
- Reference: Section 53509
- Legend: §53509 – Qualified Withdrawals
- USCode Year: 2013
Provision Content
(a) In General.—Subject to subsection (b), a withdrawal from a capital construction fund is a qualified withdrawal if it is made under the terms of the agreement and is for—
(1) the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel; or
(2) the payment of the principal on indebtedness incurred in the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel.
(b) Barges and Containers.—Except as provided in regulations prescribed by the Secretary, subsection (a) applies to a barge or container only if it is constructed in the United States.
(c) Treatment as Nonqualified Withdrawal.—Under joint regulations, if the Secretary determines that a substantial obligation under an agreement is not being fulfilled, the Secretary, after notice and opportunity for a hearing to the person maintaining the fund, may treat any amount in the fund as an amount withdrawn from the fund in a nonqualified withdrawal.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1596.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 53509 | 46 App.:1177(f). | June 29, 1936, ch. 858, title VI, §607(f), 49 Stat. 2005; June 23, 1938, ch. 600, §§23–28, 52 Stat. 960; Aug. 4, 1939, ch. 417, §10, 53 Stat. 1185; July 17, 1952, ch. 939, §§17–19, 66 Stat. 764; Pub. L. 85–637, Aug. 14, 1958, 72 Stat. 216; Pub. L. 86–518, §1, June 12, 1960, 74 Stat. 216; Pub. L. 87–45, §6, May 27, 1961, 75 Stat. 91; Pub. L. 87–271, Sept. 21, 1961, 75 Stat. 570; restated Pub. L. 91–469, §21(a), Oct. 21, 1970, 84 Stat. 1029; Pub. L. 97–31, §12(97)(A), Aug. 6, 1981, 95 Stat. 162. |
In subsection (c), the words any amount in the fund are substituted for the entire fund or any portion thereof to eliminate unnecessary words.
U.S. Encyclopedia of Law Coverage
Chapter 535 – Capital Construction Funds in the Legal Encyclopedia: Shipping
In this entry about Chapter 535 – Capital Construction Funds, 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.
46-U.S.C.-53312 in the Legal Encyclopedia: Programs
In this entry about 46-U.S.C.-53312, find legal reference material, bibliographies and premiere content related to programs in the American Encyclopedia of Law, presenting a comprehensive view of the United States programs-specific issues, written by authorities in the field.
46-U.S.C.-53508 in the Legal Encyclopedia: Merchant Marine
In this entry about 46-U.S.C.-53508, 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.
46-U.S.C.-53310 in the Legal Encyclopedia: Financial Assistance
In this entry about 46-U.S.C.-53310, find legal reference material, bibliographies and premiere content related to financial assistance in the American Encyclopedia of Law, presenting a comprehensive view of the United States financial assistance-specific issues, written by authorities in the field.
Leave a Reply