46-U.S.C.-57517
§57517 – Recovery of Excess Profits
Pathway
Title 46 > Subtitle V > Part F > Chapter 575 > Subchapter II > Section 57517
Details
- Reference: Section 57517
- Legend: §57517 – Recovery of Excess Profits
- USCode Year: 2013
Provision Content
(a) In General.—A charter under this chapter shall provide that if, at the end of a calendar year subsequent to the execution of the charter, the cumulative net voyage profit (after payment of the charter hire reserved in the charter and payment of the charterers fair and reasonable overhead expenses applicable to operation of the chartered vessel) exceeds 10 percent a year of the charterers capital necessarily employed in the business of the chartered vessel, the charterer shall pay to the Secretary of Transportation, as additional charter hire, half the cumulative net voyage profit in excess of 10 percent a year. However, any cumulative net voyage profit accounted for under this subsection is not to be included in the calculation of cumulative net voyage profit in any subsequent year.
(b) Terms To Be Defined and Used.—The Secretary shall define the terms net voyage profit, fair and reasonable overhead expenses, and capital necessarily employed for this section. Each advertisement for bids and each charter shall contain these definitions, stating the formula for determining each of these three amounts.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1667.)
| Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 57517 | 46 App.:1199. | June 29, 1936, ch. 858, title VII, §709, 49 Stat. 2010; Pub. L. 97–31, §12(111), Aug. 6, 1981, 95 Stat. 163. |
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