§53303 — Title 46 Shipping | U.S. Code

Summary

A U.S. citizen may set up a construction reserve fund if they meet one of five conditions. The person must operate, own (all or part), have been operating, have owned, or have acquired/been building a vessel that is used in U.S. foreign or domestic trade or in the fisheries, including cases where the vessel was bought or taken by the U.S. Government.

Title 46, §53303

Shipping — Source: USLM XML via OLRC

A construction reserve fund may be established by a citizen of the United States that—

(1)is operating a vessel in the foreign or domestic commerce of the United States or in the fisheries;

(2)owns, in whole or in part, a vessel being operated in the foreign or domestic commerce of the United States or in the fisheries;

(3)was operating a vessel in the foreign or domestic commerce of the United States or in the fisheries when it was bought or requisitioned by the United States Government;

(4)owned, in whole or in part, a vessel being operated in the foreign or domestic commerce of the United States or in the fisheries when it was bought or requisitioned by the Government; or

(5)had acquired or was having constructed a vessel to operate in the foreign or domestic commerce of the United States or in the fisheries when it was bought or requisitioned by the Government.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 5330346 App.:1161(b) (1st sentence words between 6th and 10th commas).June 29, 1936, ch. 858, title V, § 511(b) (1st sentence words between 6th and 10th commas), as added Oct. 10, 1940, ch. 849, 54 Stat. 1106; June 17, 1943, ch. 130, subdiv. (a), 57 Stat. 157; July 17, 1952, ch. 939, § 9, 66 Stat. 762.

§53303 Persons Eligible to Establish Funds

Summary

Title 46, §53303

Notes & Related Subsidiaries

Historical and Revision Notes

Citations & Metadata