46 U.S.C. § 53303 — Persons eligible to establish funds

submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 158 words · no verdicts yet

in plain englishAI-generated · not legal advice

A U.S. citizen may open a construction reserve fund if they operate or own part of a vessel in U.S. foreign or domestic trade or fishing. The same goes for someone whose vessel the government bought or requisitioned, or who was acquiring or building one at that time.

A construction reserve fund may be opened by a United States citizen who (1) is operating a vessel in the foreign or domestic commerce of the United States, or in the fisheries; (2) owns all or part of a vessel being operated in that commerce or in the fisheries; (3) was operating a vessel in that commerce or in the fisheries when the government bought or requisitioned it; (4) owned all or part of a vessel being operated in that commerce or in the fisheries when the government bought or requisitioned it; or (5) had acquired, or was having built, a vessel to operate in that commerce or in the fisheries when the government bought or requisitioned it.

the actual law source: uscode.house.gov ↗public domain

A construction reserve fund may be established by a citizen of the United States that—

(1)

is operating a vessel in the foreign or domestic commerce of the United States or in the fisheries;

(2)

owns, in whole or in part, a vessel being operated in the foreign or domestic commerce of the United States or in the fisheries;

(3)

was operating a vessel in the foreign or domestic commerce of the United States or in the fisheries when it was bought or requisitioned by the United States Government;

(4)

owned, in whole or in part, a vessel being operated in the foreign or domestic commerce of the United States or in the fisheries when it was bought or requisitioned by the Government; or

(5)

had acquired or was having constructed a vessel to operate in the foreign or domestic commerce of the United States or in the fisheries when it was bought or requisitioned by the Government.

Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1587.)

history & why it existsrecord from the source credit

2006Enacted · Pub. L. 109-304 · 120 Stat. 1587

A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.

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