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

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Citation 46 U.S.C. § 57517 (2016)
Section Name §57517. Recovery of excess profits
Section Text

(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.

Source Credit

(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1667.)

Editorial Notes
Historical and Revision Notes
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.
Publication Title United States Code, 2012 Edition, Supplement 4, 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 F - Government-Owned Merchant Vessels
CHAPTER 575 - CONSTRUCTION, CHARTER, AND SALE OF VESSELS
SUBCHAPTER II - CHARTERS
Sec. 57517 - Recovery of excess profits
Contains section 57517
Date 2016
Laws In Effect As Of Date January 6, 2017
Positive Law Yes
Disposition standard
Statutes at Large References 49 Stat. 2010
95 Stat. 163
120 Stat. 1667
Public Law References Public Law 97-31, Public Law 109-304
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