2018 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine
Part C - Financial Assistance Programs
Chapter 535 - Capital Construction Funds
Sec. 53509 - Qualified withdrawals
| 46 U.S.C. § 53509 (2018) | ||||||
| §53509. Qualified withdrawals | ||||||
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(a) In General.—Subject to subsection (b), a withdrawal from a capital construction fund is a qualified withdrawal if it is made under the terms of the agreement and is for— (1) the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel; or (2) the payment of the principal on indebtedness incurred in the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel. (b) Barges and Containers.—Except as provided in regulations prescribed by the Secretary, subsection (a) applies to a barge or container only if it is constructed in the United States. (c) Treatment as Nonqualified Withdrawal.—Under joint regulations, if the Secretary determines that a substantial obligation under an agreement is not being fulfilled, the Secretary, after notice and opportunity for a hearing to the person maintaining the fund, may treat any amount in the fund as an amount withdrawn from the fund in a nonqualified withdrawal. |
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(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1596.) |
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In subsection (c), the words "any amount in the fund" are substituted for "the entire fund or any portion thereof" to eliminate unnecessary words. |
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| United States Code, 2018 Edition, Title 46 - SHIPPING | ||||||
| Bills and Statutes | ||||||
| United States Code | ||||||
| Y 1.2/5: | ||||||
| Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 535 - CAPITAL CONSTRUCTION FUNDS Sec. 53509 - Qualified withdrawals |
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| section 53509 | ||||||
| 2018 | ||||||
| January 14, 2019 | ||||||
| Yes | ||||||
| standard | ||||||
| 49 Stat. 2005 52 Stat. 960 53 Stat. 1185 66 Stat. 764 72 Stat. 216 74 Stat. 216 75 Stat. 91, 570 84 Stat. 1029 95 Stat. 162 120 Stat. 1596 |
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| Public Law 85-637, Public Law 86-518, Public Law 87-45, Public Law 87-271, Public Law 91-469, Public Law 97-31, Public Law 109-304 |
