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46 U.S.C. § 57517

Recovery of excess profits

Ch. 575 — CONSTRUCTION, CHARTER, AND SALE OF VESSELS
Title 46 U.S.C. ● ACTIVE Primary Source Ch. 575
Statutory Text

46 U.S.C. § 57517 — Recovery of excess profits

U.S.C. Title 46 - SHIPPING 46 U.S.C. United States Code, 2023 Edition 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 From the U.S. Government Publishing Office, www.gpo.gov

§57517. Recovery of excess profits

(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.

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

Historical and Revision Notes Revised SectionSource (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.

Source: uscode.house.gov — public domain Official Source ↗
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◈ Machine-Readable Provenance Record Root-LD v1.0 · boisestandard.org
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BS-USC46-SEC-7D9C67
Entity Class
STATUTE / FEDERAL-CODE-SECTION
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boisestandard.org
Citation
46 U.S.C. § 57517
Jurisdiction
Federal — United States
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PRIMARY-SOURCE
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5b8d3217baeebb1e...
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The statutory text of 46 U.S.C. § 57517 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. 575 — CONSTRUCTION, CHARTER, AND SALE OF VESSELS
46 U.S.C. § 5750146 U.S.C. § 5750246 U.S.C. § 5750346 U.S.C. § 5750446 U.S.C. § 5750546 U.S.C. § 5750646 U.S.C. § 5751146 U.S.C. § 5751246 U.S.C. § 5751346 U.S.C. § 5751446 U.S.C. § 5751546 U.S.C. § 5751646 U.S.C. § 5751746 U.S.C. § 5751846 U.S.C. § 5751946 U.S.C. § 5752046 U.S.C. § 5752146 U.S.C. § 5752246 U.S.C. § 5753146 U.S.C. § 5753246 U.S.C. § 57533
46 U.S.C. — public domain ← All Legislation
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