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

submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 180 words · no verdicts yet

in plain englishAI-generated · not legal advice

A fund withdrawal is qualified if it pays for buying, building, or rebuilding a qualified vessel (or its barge or container) or for paying down related debt. Barges and containers must generally be U.S.-built. If a fund holder fails a major duty, the Secretary can treat fund money as a nonqualified withdrawal after notice and a hearing.

(a) In General. Subject to (b), a withdrawal from the fund is "qualified" if it follows the agreement's terms and pays for: (1) buying, building, or rebuilding a qualified vessel, or a barge or container that's part of its normal equipment; or (2) paying down the principal of debt taken on to buy, build, or rebuild a qualified vessel, barge, or container. (b) Barges and Containers. Except as the Secretary's regulations allow, (a) only covers a barge or container if it was built in the United States. (c) Treatment as Nonqualified Withdrawal. Under joint regulations, if the Secretary decides a person isn't fulfilling a major duty under the agreement, the Secretary — after notice and a chance for a hearing — may treat any amount in the fund as a nonqualified withdrawal.
the actual law source: uscode.house.gov ↗public domain
(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notice and opportunity for a hearing to the person maintaining the fund, may treat any amount in the fund as an amount withdrawn from the fund in a nonqualified withdrawal.

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

history & why it existsrecord from the source credit
  • 2006Enacted · Pub. L. 109-304 · 120 Stat. 1596

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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