Title 46, ShippingRelease 119-102
§53303 Persons Eligible to Establish Funds
Title 46 › Subtitle V — Merchant Marine › Part C — Financial Assistance Programs › CHAPTER 533 — CONSTRUCTION RESERVE FUNDS › § 53303
Summary
A U.S. citizen may set up a construction reserve fund if they are tied to a vessel used in U.S. foreign or domestic commerce or in the fisheries. That includes someone who operates such a vessel, owns it (in whole or part), operated or owned it when the U.S. Government bought or took it, or had bought or was having one built to operate in that service when the Government bought or took it.
Full Legal Text
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.
Legislative History
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.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53303
Title 46, Shipping
Last Updated
Aug 21, 2026
Release point: 119-102