2018 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine
Part C - Financial Assistance Programs
Chapter 535 - Capital Construction Funds
Sec. 53514 - Relationship of old fund to new fund
| 46 U.S.C. § 53514 (2018) | ||||||
| §53514. Relationship of old fund to new fund | ||||||
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(a) Definition.—In this section, the term "old fund" means a capital construction fund maintained before October 21, 1970. (b) Election To Maintain Old Fund.—A person maintaining an old fund may elect to continue the old fund, but may not— (1) hold amounts in the old fund beyond the expiration date provided in the agreement under which the old fund is maintained (determined without regard to an extension or renewal made after April 14, 1970); or (2) maintain simultaneously the old fund and a new fund established under this chapter. (c) Application of New Fund Agreement to Old Fund Amounts.—If a person makes an agreement under this chapter to establish a new fund, the person may agree to extend the agreement to some or all of the amounts in an old fund. Each item in the old fund to be transferred shall be transferred in a nontaxable transaction to the appropriate account in the new fund. For purposes of section 53511(c)(3) of this title, the date of the deposit of an item so transferred shall be July 1, 1971, or the date of the deposit in the old fund, whichever is later. |
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(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1599.) |
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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. 53514 - Relationship of old fund to new fund |
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| section 53514 | ||||||
| 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. 1031 120 Stat. 1599 |
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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 109-304 |
