46 U.S.C. § 53514 — Relationship of old fund to new fund
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 201 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
In this section, the term “old fund” means a capital construction fund maintained before October 21, 1970.
A person maintaining an old fund may elect to continue the old fund, but may not—
hold amounts in the old fund beyond the expiration date provided in the agreement under which the old fund is maintained (determined without regard to an extension or renewal made after April 14, 1970); or
maintain simultaneously the old fund and a new fund established under this chapter.
If a person makes an agreement under this chapter to establish a new fund, the person may agree to extend the agreement to some or all of the amounts in an old fund. Each item in the old fund to be transferred shall be transferred in a nontaxable transaction to the appropriate account in the new fund. For purposes of section 53511(c)(3) of this title, the date of the deposit of an item so transferred shall be July 1, 1971, or the date of the deposit in the old fund, whichever is later.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1599.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1599
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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