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
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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—
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
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.
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.
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notice and opportunity for a hearing to the person maintaining the fund, may treat any amount in the fund as an amount withdrawn from the fund in a nonqualified withdrawal.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.)
- 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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