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46 U.S.C. § 58102 — Default on payment or maintenance of reserves

submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 78 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary can supervise staffing and pay at a company that defaults on a debt to the Secretary. The same applies if the company hasn't kept up the reserves this subtitle requires.

The Secretary of Transportation may supervise the number and pay of all officers and employees working for a contractor under the operating-differential subsidy program, or for a charterer under chapter 575 of this title who receives an operating-differential subsidy, if that contractor or charterer: (1) is in default on a mortgage, note, purchase contract, or other obligation owed to the Secretary; or (2) has not kept up, to the Secretary's satisfaction, all the reserves this subtitle requires.
the actual law source: uscode.house.gov ↗public domain

The Secretary of Transportation may supervise the number and compensation of all officers and employees of a contractor under the operating-differential subsidy program or a charterer under chapter 575 of this title, receiving an operating-differential subsidy, if the contractor or charterer—

(1)

is in default on a mortgage, note, purchase contract, or other obligation to the Secretary; or

(2)

has not maintained, in a manner satisfactory to the Secretary, all of the reserves provided for in this subtitle.

Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1671.)

history & why it existsrecord from the source credit
  • 2006Enacted · Pub. L. 109-304 · 120 Stat. 1671

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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