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46 U.S.C. § 53509

Qualified withdrawals

Ch. 535 — CAPITAL CONSTRUCTION FUNDS
Title 46 U.S.C. ● ACTIVE Primary Source Ch. 535
Statutory Text

46 U.S.C. § 53509 — Qualified withdrawals

U.S.C. Title 46 - SHIPPING 46 U.S.C. United States Code, 2023 Edition Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 535 - CAPITAL CONSTRUCTION FUNDS Sec. 53509 - Qualified withdrawals From the U.S. Government Publishing Office, www.gpo.gov

§53509. Qualified withdrawals

(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notice and opportunity for a hearing to the person maintaining the fund, may treat any amount in the fund as an amount withdrawn from the fund in a nonqualified withdrawal.

(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1596.)

Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)

53509 46 App.:1177(f). June 29, 1936, ch. 858, title VI, §607(f), 49 Stat. 2005; June 23, 1938, ch. 600, §§23–28, 52 Stat. 960; Aug. 4, 1939, ch. 417, §10, 53 Stat. 1185; July 17, 1952, ch. 939, §§17–19, 66 Stat. 764; Pub. L. 85–637, Aug. 14, 1958, 72 Stat. 216; Pub. L. 86–518, §1, June 12, 1960, 74 Stat. 216; Pub. L. 87–45, §6, May 27, 1961, 75 Stat. 91; Pub. L. 87–271, Sept. 21, 1961, 75 Stat. 570; restated Pub. L. 91–469, §21(a), Oct. 21, 1970, 84 Stat. 1029; Pub. L. 97–31, §12(97)(A), Aug. 6, 1981, 95 Stat. 162.

In subsection (c), the words "any amount in the fund" are substituted for "the entire fund or any portion thereof" to eliminate unnecessary words.

Source: uscode.house.gov — public domain Official Source ↗
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The statutory text of 46 U.S.C. § 53509 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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Ch. 535 — CAPITAL CONSTRUCTION FUNDS
46 U.S.C. § 5350146 U.S.C. § 5350246 U.S.C. § 5350346 U.S.C. § 5350446 U.S.C. § 5350546 U.S.C. § 5350646 U.S.C. § 5350746 U.S.C. § 5350846 U.S.C. § 5350946 U.S.C. § 5351046 U.S.C. § 5351146 U.S.C. § 5351246 U.S.C. § 5351346 U.S.C. § 5351446 U.S.C. § 5351546 U.S.C. § 5351646 U.S.C. § 53517
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