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2012 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine (§§ 50101 - 58109)
Part C - Financial Assistance Programs (§§ 53101 - 54101)
Chapter 535 - CAPITAL CONSTRUCTION FUNDS (§§ 53501 - 53517)
Section 53514 - Relationship of old fund to new fund

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Metadata
Publication TitleUnited States Code, 2012 Edition, Title 46 - SHIPPING
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 46 - SHIPPING
Subtitle V - Merchant Marine
Part C - Financial Assistance Programs
CHAPTER 535 - CAPITAL CONSTRUCTION FUNDS
Sec. 53514 - Relationship of old fund to new fund
Containssection 53514
Date2012
Laws in Effect as of DateJanuary 15, 2013
Positive LawYes
Dispositionstandard
Source CreditPub. L. 109-304, §8(c), Oct. 6, 2006, 120 Stat. 1599.
Statutes at Large References49 Stat. 2005
52 Stat. 960
53 Stat. 1185
66 Stat. 764
72 Stat. 216
74 Stat. 216
75 Stat. 91, 570
84 Stat. 1031
120 Stat. 1599
Public Law ReferencesPublic Law 85-637, Public Law 86-518, Public Law 87-45, Public Law 87-271, Public Law 91-469, Public Law 109-304

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CAPITAL CONSTRUCTION FUNDS - 46 U.S.C. § 53514 (2012)
§53514. Relationship of old fund to new fund

(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.)

Historical and Revision Notes
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.

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