2018 US Code
Title 10 - Armed Forces
Subtitle C - Navy and Marine Corps
Part IV - General Administration
Chapter 863 - Naval Vessels
Sec. 8682 - Service craft stricken from Naval Vessel Register; obsolete boats: use of proceeds from exchange or sale

(a) Exchange or Sale of Similar Items.—When the Secretary of the Navy sells an obsolete service craft or an obsolete boat, or exchanges such a craft or boat in a transaction for which a similar craft or boat is acquired, the Secretary may retain the proceeds of the sale or the exchange allowance from the exchange, as the case may be, and apply the proceeds of sale or the exchange allowance for any of the following purposes:

(b) Special Account.—Amounts retained under subsection (a) that are not applied as provided in paragraph (1) or (2) of that subsection shall be deposited into a special account. Amounts in the account shall be available under subsection (c) without regard to fiscal year limitation. Amounts in the account that the Secretary of the Navy determines are not needed for the purpose stated in subsection (c) shall be transferred at least annually to the General Fund of the Treasury.

(c) Costs of Preparation of Obsolete Service Craft and Boats for Future Sale or Exchange.—The Secretary may use amounts in the account under subsection (b) for payment, in whole or in part, for the full costs of preparation of obsolete service craft and obsolete boats for future sale or exchange.

(d) Costs of Preparation for Sale or Exchange.—In this section, the term "full costs of preparation" means the full costs (direct and indirect) incurred by the Navy in preparing an obsolete service craft or an obsolete boat for exchange or sale, including the cost of the following:

(e) Obsolete Service Craft.—For purposes of this section, an obsolete service craft is a service craft that has been stricken from the Naval Vessel Register.

(f) Inapplicability of Advertising Requirement.—Section 6101 of title 41 does not apply to sales of service craft and boats described in subsection (a).

(g) Regulations.—The Secretary of the Navy shall prescribe regulations for the purposes of this section.

(Added Pub. L. 108–375, div. A, title X, §1012(a)(1), Oct. 28, 2004, 118 Stat. 2039, §7312; amended Pub. L. 113–291, div. A, title X, §1071(a)(12), Dec. 19, 2014, 128 Stat. 3505; renumbered §8682, Pub. L. 115–232, div. A, title VIII, §807(d)(2), Aug. 13, 2018, 132 Stat. 1836.)

A prior section 8682, act Aug. 10, 1956, ch. 1041, 70A Stat. 535, provided that in computing length of service, no commissioned officer of Air Force could be credited with service as a cadet at the Military Academy or the Air Force Academy, or as a midshipman at the Naval Academy, if he was appointed as a cadet or midshipman after Aug. 24, 1912, prior to repeal by Pub. L. 90–235, §6(a)(2), Jan. 2, 1968, 81 Stat. 761. See section 971 of this title.

2018—Pub. L. 115–232 renumbered section 7312 of this title as this section.

2014—Subsec. (f). Pub. L. 113–291 substituted "Section 6101 of title 41" for "Section 3709 of the Revised Statutes (41 U.S.C. 5)".

Amendment by Pub. L. 115–232 effective Feb. 1, 2019, with provision for the coordination of amendments and special rule for certain redesignations, see section 800 of Pub. L. 115–232, set out as a note preceding section 3001 of this title.

Pub. L. 108–375, div. A, title X, §1012(b), Oct. 28, 2004, 118 Stat. 2040, provided that: "Section 7312 of title 10, United States Code, as added by subsection (a), shall apply with respect to amounts received on or after the date of the enactment of this Act [Oct. 28, 2004] and to amounts received before the date of the enactment of this Act and not obligated as of that date."