46 U.S.C. § 57104: Acquisition of vessels from…

Summary

The Secretary of Transportation may buy suitable officially documented ships using money in the Vessel Operations Revolving Fund that comes from selling obsolete ships in the National Defense Reserve Fleet. Bought and sold ships must be valued at scrap market value on the sale or purchase date, using the same method and counting fair moving costs. Lay-up costs may be paid from the Fund. A ship sold under this authority may be scrapped in an approved foreign market and transferred to a non‑U.S. person without extra approval from the Secretary.

Title 46, §57104

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(a)In General.—

The Secretary of Transportation may acquire suitable documented vessels with amounts in the Vessel Operations Revolving Fund derived from the sale of obsolete vessels in the National Defense Reserve Fleet.

(b)Valuation.—

The acquired and obsolete vessels shall be valued at their scrap value in domestic or foreign markets as of the date of the acquisition for or sale from the Fleet. However, the value assigned to those vessels shall be determined on the same basis, with consideration given to the fair value of the cost of moving the vessel sold from the Fleet to the place of scrapping.

(c)Costs Incident to Lay-Up.—

Costs incident to the lay-up of the vessel acquired under this section may be paid from amounts in the Fund.

(d)Transfers to Non-Citizens.—

A vessel sold from the Fleet under this section may be scrapped in an approved foreign market without obtaining additional separate approval from the Secretary to transfer the vessel to a person not a citizen of the United States.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 5710446 App.:1160(i).June 29, 1936, ch. 858, title V, § 510(i), as added Pub. L. 86–575, July 5, 1960, 74 Stat. 312; Pub. L. 89–254, § 1, Oct. 10, 1965, 79 Stat. 980; Pub. L. 91–469, § 13, Oct. 21, 1970, 84 Stat. 1022; Pub. L. 93–605, § 1, Jan. 2, 1975, 88 Stat. 1965; Pub. L. 95–177, Nov. 15, 1977, 91 Stat. 1368; Pub. L. 97–31, § 12(91), Aug. 6, 1981, 95 Stat. 161; Pub. L. 101–595, title VII, § 704, Nov. 16, 1990, 104 Stat. 2994. In subsection (b), the words “vessel sold from the Fleet” are substituted for “traded-out vessel” for clarity and consistency. In subsection (d), the words “without obtaining additional separate approval from the Secretary to transfer the vessel to a person not a citizen of the United States” are substituted for “Notwithstanding the provisions of section 808 and 835 of this Appendix” for clarity and to avoid the cross references.

§57104 Acquisition of Vessels From Sale of Obsolete Vessels

Summary

Title 46, §57104

Notes & Related Subsidiaries

Historical and Revision Notes

Citations & Metadata