§ 742c. Loans for financing or refinancing of cost of purchasing, constructing, equipping, maintaining, repairing, or operating commercial fishing vessels or gear
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/usc/title-16/section-742cA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Authorization The Secretary of the Interior is authorized, under such rules and regulations and under such terms and conditions as he may prescribe, to make loans for financing or refinancing of the cost of purchasing, constructing, equipping, maintaining, repairing, or operating new or used commercial fishing vessels or gear.
(b)Conditions Any loans made under the provisions of this section shall be subject to the following restrictions:
(1)Bear an interest rate of not less than
(a)a rate determined by the Secretary of the Treasury, taking into consideration the average market yield on outstanding Treasury obligations of comparable maturity, plus
(b)such additional charge, if any, toward covering other costs of the program as the Secretary may determine to be consistent with its purpose.
(2)Mature in not more than ten years, except that where a loan is for all or part of the costs of constructing a new fishing vessel, such period may be fourteen years.
(3)No financial assistance shall be extended pursuant to this section unless reasonable financial assistance applied for is not otherwise available on reasonable terms.
(4)Loans shall be approved only upon the furnishing of such security or other reasonable assurance of repayment as the Secretary may require considering the objectives of this section which are to upgrade commercial fishing vessels and gear and to provide reasonable financial assistance not otherwise available to commercial fishermen. The proposed collateral for a loan must be of such a nature that, when considered with the integrity and ability of the management, and the applicant’s past and prospective earnings, repayment of the loan will be reasonably assured.
(5)The applicant shall possess the ability, experience, resources, and other qualifications necessary to enable him to operate and maintain new or used commercial fishing vessels or gear.
(6)Before the Secretary approves a loan for the purchase or construction of a new or used vessel which will not replace an existing commercial fishing vessel, he shall determine that the applicant’s contemplated operation of such vessel in a fishery will not cause economic hardship or injury to the efficient vessel operators already operating in that fishery.
(7)An applicant for a fishery loan must be a citizen or national of the United States.
(8)Within the meaning of this section, a corporation, partnership, or association shall not be deemed to be a citizen of the United States unless the Secretary determines that it satisfactorily meets all of the requirements set forth in section 50501 of title 46 for determining the United States citizenship of a corporation, partnership, or association operating a vessel in the coastwise trade.
(A)The nationality of an applicant shall be established to the satisfaction of the Secretary. Within the meaning of this section, no corporation, partnership, or association organized under the laws of American Samoa shall be deemed a national of the United States unless 75 per centum of the interest therein is owned by nationals of the United States, citizens of the United States, or both, and in the case of a corporation, unless its president or other chief executive officer and the chairman of its board are nationals or citizens of the United States and unless no more of its directors than a minority of the number necessary to constitute a quorum are nonnationals and noncitizens.
(B)Seventy-five per centum of the interest in a corporation shall not be deemed to be owned by nationals of the United States, citizens of the United States, or both,
(i)if the title to 75 per centum of its stock is not vested in such nationals and citizens free from any trust or fiduciary obligation in favor of any person not a national or citizen of the United States; or
(ii)if 75 per centum of the voting power in such corporation is not vested in nationals of the United States, citizens of the United States, or both; or
(iii)if through any contract or understanding it is so arranged that more than 25 per centum of the voting power may be exercised, directly or indirectly, in behalf of any person who is not a national or citizen of the United States; or
(iv)if by any other means whatsoever control of any interest in the corporation in excess of 25 per centum is conferred upon or permitted to be exercised by any person who is not a national or citizen of the United States.
(c)Fisheries loan fund; interest payments on appropriations available as capital to the fund less average undispersed cash balance There is created a fisheries loan fund, which shall be used by the Secretary as a revolving fund to make loans for financing and refinancing under this section. Any funds received by the Secretary on or before September 30, 1986, in payment of principal or interest on any loans so made shall be deposited in the fund and be available for making additional loans under this section. Any funds received in the fisheries loan fund after September 30, 1986, shall be covered into the Treasury as miscellaneous receipts. There is authorized to be appropriated to the fisheries loan fund the sum of $20,000,000 to provide initial capital.
(d)Modification of loan contract The Secretary, subject to the specific limitations in this section, may consent to the modification, with respect to the rate of interest, time of payment of any installment of principal, or security, of any loan contract to which he is a party.
(e)Chartering vessels; loans to Alaskan earthquake victims; termination date The Secretary is authorized under such terms and conditions and pursuant to regulations prescribed by him to use the funds appropriated under this section to make loans to commercial fishermen for the purpose of chartering fishing vessels pending the construction or repair of vessels lost, destroyed, or damaged by the earthquake of March 27, 1964, and subsequent tidal waves related thereto: Provided, That any loans made under this subsection shall only be repaid from the net profits of the operations of such chartered vessels, which profits shall be reduced by such reasonable amount as determined by the Secretary for the salary of the fishermen chartering such vessels. The funds authorized herein shall not be available for such loans after June 30, 1966.
(Aug. 8, 1956, ch. 1036, § 4, 70 Stat. 1121; Pub. L. 85–888, Sept. 2, 1958, 72 Stat. 1710; Pub. L. 88–309, § 9, May 20, 1964, 78 Stat. 199; Pub. L. 89–85, §§ 1–4, July 24, 1965, 79 Stat. 262; Pub. L. 91–279, § 9, June 12, 1970, 84 Stat. 309; Pub. L. 91–387, §§ 1, 2, Aug. 24, 1970, 84 Stat. 829; Pub. L. 94–273, § 2(8), Apr. 21, 1976, 90 Stat. 375; Pub. L. 96–478, § 16(a), Oct. 21, 1980, 94 Stat. 2303; Pub. L. 97–347, § 1, Oct. 18, 1982, 96 Stat. 1652; Pub. L. 98–44, title I, § 103(a)(1), July 12, 1983, 97 Stat. 216; Pub. L. 98–498, title IV, § 430(1), Oct. 19, 1984, 98 Stat. 2310; Pub. L. 99–659, title IV, § 409, Nov. 14, 1986, 100 Stat. 3740.)
Connections30 cite this · traces to 2
Cited by 30 sections · top 19
U.S. Code
statutes-at-large
- Public Law 88–309
- Public Law 85–885
- Public Law 94–273To provide permanent changes in laws necessary because of the October-September fiscal year
- Public Law 97–376To provide for the use and disposition of Miami Indians judgment funds in dockets 124–B and 254 before the United States Court of Claims, and for other purposes
- Public Law 97–347To extend until October 1, 1983, the authority and authorization of appropriations for certain programs under the Fish and Wildlife Act of 1956
- Public Law 87–219
- Public Law 89–85
- Public Law 91–387
- Public Law 99–659To amend certain provisions of the law regarding the fisheries of the United States, and for other purposes
- Public Law 98–44To make certain technical corrections in the Atlantic Salmon Convention Act of 1982
- Public Law 96–478To implement the Protocol of 1978 Relating to the International Convention for the Prevention of Pollution from Ships, 1973, and for other purposes
- Public Law 96–561To provide for the conservation and enhancement of the salmon and steelhead resources of the United States, assistance to treaty and nontreaty harvesters of those resources, and for other purposes
- Public Law 98–411Making appropriations for the Departments of Commerce, Justice, and State, the Judiciary, and related agencies for the fiscal year ending September 30, 1985, and for other purposes
- Public Law 98–498To provide authorization of appropriations for title III of the Marine Protection, Research, and Sanctuaries Act of 1972, and for other purposes
- Proclamation 5200
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49 references not yet in our index
- Aug. 8, 1956, ch. 1036, § 4
- 70 Stat. 1121
- Pub. L. 85–888
- 72 Stat. 1710
- Pub. L. 88–309, § 9
- 78 Stat. 199
- Pub. L. 89–85
- 79 Stat. 262
- Pub. L. 91–279, § 9
- 84 Stat. 309
- Pub. L. 91–387
- 84 Stat. 829
- Pub. L. 94–273, § 2(8)
- 90 Stat. 375
- Pub. L. 96–478, § 16(a)
- 94 Stat. 2303
- Pub. L. 97–347, § 1
- 96 Stat. 1652
- Pub. L. 98–44, title I, § 103(a)(1)
- 97 Stat. 216
- Pub. L. 98–498, title IV, § 430(1)
- 98 Stat. 2310
- Pub. L. 99–659, title IV, § 409
- 100 Stat. 3740
- Pub. L. 109–304, § 18(c)
- 120 Stat. 1709
- Pub. L. 99–659
- Pub. L. 98–498
- Pub. L. 98–44
- Pub. L. 97–347
- Pub. L. 96–478
- Pub. L. 94–273
- Pub. L. 91–279
- Pub. L. 91–387, § 2
- section 802 of title 46
- Pub. L. 91–387, § 1
- Pub. L. 89–85, § 1
- Pub. L. 89–85, § 4
- Pub. L. 88–309
- Pub. L. 96–478, § 16(b)
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§ 742c
Loans for financing or refinancing of cost of purchasing, constructing, equipping, maintaining, repairing, or operating commercial fishing vessels or gear
Stat.×25
U.S.C.×4
Stat. Comp.×1
ActAug. 8, 1956, ch. 1036, § 4
Stat.70 Stat. 1121
Pub. L.Pub. L. 85–888
Stat.72 Stat. 1710
Pub. L.Pub. L. 88–309, § 9
Cites 51 · showing 7Cited by 30 across 3 sources