2016 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine
Part F - Government-Owned Merchant Vessels
Chapter 575 - Construction, Charter, and Sale of Vessels
Subchapter II - Charters
Sec. 57517 - Recovery of excess profits
46 U.S.C. § 57517 (2016) | ||||||
§57517. Recovery of excess profits | ||||||
(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 charterer's fair and reasonable overhead expenses applicable to operation of the chartered vessel) exceeds 10 percent a year of the charterer's 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.) |
||||||
|
||||||
United States Code, 2012 Edition, Supplement 4, Title 46 - SHIPPING | ||||||
Bills and Statutes | ||||||
United States Code | ||||||
Y 1.2/5: | ||||||
Title 46 - SHIPPING Subtitle V - Merchant Marine Part F - Government-Owned Merchant Vessels CHAPTER 575 - CONSTRUCTION, CHARTER, AND SALE OF VESSELS SUBCHAPTER II - CHARTERS Sec. 57517 - Recovery of excess profits |
||||||
section 57517 | ||||||
2016 | ||||||
January 6, 2017 | ||||||
Yes | ||||||
standard | ||||||
49 Stat. 2010 95 Stat. 163 120 Stat. 1667 |
||||||
Public Law 97-31, Public Law 109-304 |