46 U.S.C. § 57105 — Acquisition of vessels for essential services, routes, or lines
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 234 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The Secretary of Transportation may acquire a vessel*, by purchase or otherwise, if—
the Secretary considers the vessel necessary to establish, maintain, improve, or serve as a replacement on an essential service, route, or line in the foreign commerce of the United States, as determined under section 50103 of this title;
the vessel was constructed in the United States; and
the Secretary of the Navy has certified to the Secretary of Transportation that the vessel is suitable for economical and speedy conversion into a naval or military auxiliary or otherwise suitable for use by the United States Government in time of war or national emergency.
The price paid for the vessel shall be based on a fair and reasonable valuation. However, the price may not exceed by more than 5 percent the cost of the vessel to the owner (excluding any construction-differential subsidy and the cost of national defense features paid by the Secretary of Transportation) plus the actual cost previously expended for reconditioning, less depreciation based on a 25-year life for a dry-cargo or passenger vessel and a 20-year life for a tanker or other liquid bulk carrier vessel.
A vessel acquired under this section that is not documented under the laws of the United States at the time of acquisition shall be so documented as soon as practicable.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1660.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1660
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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