2011 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine (§§ 50101 - 58109)
Part C - Financial Assistance Programs (§§ 53101 - 54101)
Chapter 533 - CONSTRUCTION RESERVE FUNDS (§§ 53301 - 53312)
Section 53310 - Obligation of deposits and period for construction of certain vessels
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 5, Title 46 - SHIPPING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 533 - CONSTRUCTION RESERVE FUNDS Sec. 53310 - Obligation of deposits and period for construction of certain vessels |
Contains | section 53310 |
Date | 2011 |
Laws in Effect as of Date | January 3, 2012 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Pub. L. 109-304, §8(c), Oct. 6, 2006, 120 Stat. 1589. |
Statutes at Large References | 54 Stat. 1107 57 Stat. 158 66 Stat. 763 73 Stat. 471 75 Stat. 661 76 Stat. 796 77 Stat. 470 78 Stat. 943 95 Stat. 161 120 Stat. 1589 |
Public Law References | Public Law 86-237, Public Law 87-303, Public Law 87-782, Public Law 88-227, Public Law 88-595, Public Law 97-31, Public Law 109-304 |
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(a)
(1)(A) a contract is made for the construction or acquisition of a new vessel or, with the approval of the Secretary of Transportation, for a part interest in a new vessel or for the reconstruction or reconditioning of a new vessel;
(B) the deposit is expended or obligated for expenditure under that contract;
(C) at least 12.5 percent of the construction or contract price of the vessel is paid or irrevocably committed for payment; and
(D) the plans and specifications for the vessel are approved by the Secretary to the extent the Secretary considers necessary; or
(2) the deposit is expended or obligated for expenditure for the liquidation of existing or subsequently incurred purchase-money indebtedness to a person not a parent company of, or a company affiliated or associated with, the mortgagor on a new vessel.
(b)
(1) at least 5 percent of the construction (or, if the contract covers more than one vessel, at least 5 percent of the construction of the first vessel) must be completed within 6 months after the date of the construction contract (or within the period of an extension under subsection (c)), as estimated by the Secretary and certified by the Secretary to the Secretary of the Treasury; and
(2) construction under the contract must be completed with reasonable dispatch thereafter.
(c)
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1589.)
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
53310(a) | 46 App.:1161(g) (less (1)(B)). | June 29, 1936, ch. 858, title V, §511(g), (h), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107; June 17, 1943, ch. 130, subdivs. (c), (d), 57 Stat. 158; July 17, 1952, ch. 939, §§12, 13(a), 66 Stat. 763; Pub. L. 86–237, §1, Sept. 8, 1959, 73 Stat. 471; Pub. L. 87–303, §3, Sept. 26, 1961, 75 Stat. 661; Pub. L. 87–782, §1, Oct. 10, 1962, 76 Stat. 796; Pub. L. 88–227, §1, Dec. 23, 1963, 77 Stat. 470; Pub. L. 88–595, §1, Sept. 12, 1964, 78 Stat. 943; Pub. L. 97–31, §12(92), Aug. 6, 1981, 95 Stat. 161. |
53310(b) | 46 App.:1161(g)(1)(B). | |
53310(c) | 46 App.:1161(h). |
In this section, the language about joint regulations in 46 App. U.S.C. 1161(g) and (h) is omitted as unnecessary because of section 53302(b) of the revised title.
In subsection (a), the words “(i) two years from the date of deposit or the date of any extension thereof which may be granted by the Secretary of Transportation pursuant to the provisions of subsection (h) of this section, in the case of deposits made prior to the date on which these amendatory provisions become effective, or” in 46 App. U.S.C. 1161(g)(1) and (2) are omitted as obsolete. In paragraph (1)(A), the words “or, with the approval of the Secretary of Transportation, for a part interest in a new vessel or for the reconstruction or reconditioning of a new vessel” are substituted for “(or in the discretion of the Secretary of Transportation, for a part interest therein), or, with the approval of the Secretary of Transportation, for the reconstruction or reconditioning of a new vessel or vessels” to eliminate unnecessary words.
In subsection (c), the proviso in 46 App. U.S.C. 1161(h) is omitted as obsolete.
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