46-U.S.C.-53514
§53514 – Relationship of Old Fund to New Fund
Pathway
Title 46 > Subtitle V > Part C > Chapter 535 > Section 53514
Details
- Reference: Section 53514
- Legend: §53514 – Relationship of Old Fund to New Fund
- USCode Year: 2013
Provision Content
(a) Definition.—In this section, the term old fund means a capital construction fund maintained before October 21, 1970.
(b) Election To Maintain Old Fund.—A person maintaining an old fund may elect to continue the old fund, but may not—
(1) hold amounts in the old fund beyond the expiration date provided in the agreement under which the old fund is maintained (determined without regard to an extension or renewal made after April 14, 1970); or
(2) maintain simultaneously the old fund and a new fund established under this chapter.
(c) Application of New Fund Agreement to Old Fund Amounts.—If a person makes an agreement under this chapter to establish a new fund, the person may agree to extend the agreement to some or all of the amounts in an old fund. Each item in the old fund to be transferred shall be transferred in a nontaxable transaction to the appropriate account in the new fund. For purposes of section 53511(c)(3) of this title, the date of the deposit of an item so transferred shall be July 1, 1971, or the date of the deposit in the old fund, whichever is later.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1599.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 53514 | 46 App.:1177(j). | June 29, 1936, ch. 858, title VI, §607(j), 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. 1031. |
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