Title 46, ShippingRelease 119-110
§53503 Establishing a Capital Construction Fund
Title 46 › Subtitle V — Merchant Marine › Part C — Financial Assistance Programs › CHAPTER 535 — CAPITAL CONSTRUCTION FUNDS › § 53503
Summary
A U.S. citizen who owns or leases an eligible vessel may make an agreement with the Secretary to create a capital construction fund for that vessel. The fund is for buying replacement ships, adding vessels, or rebuilding vessels that are built in the United States and documented under U.S. law for use in U.S. domestic or foreign trade or in U.S. fisheries.
Full Legal Text
Title 46, §53503
Shipping, Source: USLM XML via OLRC
(a)In General.—
A citizen of the United States owning or leasing an eligible vessel may make an agreement with the Secretary under this chapter to establish a capital construction fund for the vessel.
(b)Allowable Purpose.—
The purpose of the agreement shall be to provide replacement vessels, additional vessels, or reconstructed vessels, built in the United States and documented under the laws of the United States, for operation in the foreign or domestic trade of the United States or in the fisheries of the United States.
Legislative History
Notes & Related Subsidiaries
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large) 53503(a)46 App.:1177(a) (1st sentence).June 29, 1936, ch. 858, title VI, § 607(a) (1st sentence), (2d sentence related to purpose), 49 Stat. 2005; June 23, 1938, ch. 600, §§ 23–28, 52 Stat. 960; Aug. 4, 1939, ch. 417, § 10, 53 Stat. 1185; July 17, 1952, ch. 939, §§ 17–19, 66 Stat. 764; Pub. L. 85–637, Aug. 14, 1958, 72 Stat. 216; Pub. L. 86–518, § 1, June 12, 1960, 74 Stat. 216; Pub. L. 87–45, § 6, May 27, 1961, 75 Stat. 91; Pub. L. 87–271, Sept. 21, 1961, 75 Stat. 570; restated Pub. L. 91–469, § 21(a), Oct. 21, 1970, 84 Stat. 1026; Pub. L. 97–31, § 12(97)(A), Aug. 6, 1981, 95 Stat. 162. 53503(b)46 App.:1177(a) (2d sentence related to purpose).
Editorial Notes
Amendments
2022—Subsec. (b). Pub. L. 117–263 substituted “foreign or domestic trade of the United States” for “United States foreign, Great Lakes, noncontiguous domestic, or short sea transportation trade”. 2007—Subsec. (b). Pub. L. 110–140 substituted “noncontiguous domestic, or short sea transportation trade” for “or noncontiguous domestic trade”.
Statutory Notes and Related Subsidiaries
Effective Date
of 2007 AmendmentAmendment by Pub. L. 110–140 effective on the date that is 1 day after Dec. 19, 2007, see section 1601 of Pub. L. 110–140, set out as an
Effective Date
note under section 1824 of Title 2, The Congress.
Reference
Citations & Metadata
Citation
46 U.S.C. § 53503
Title 46, Shipping
Last Updated
Sep 22, 2026
Release point: 119-110