§ 53305. Eligible fund deposits

136 words·~1 min read·/usc/title-46/section-53305

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A construction reserve fund may include deposits of—

(1)the proceeds from the sale of a vessel;

(2)indemnities for the loss of a vessel;

(3)earnings from the operation of a documented vessel and from services incident to the operation; and

(4)interest or other amounts accrued on deposits in the fund.

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1588.)

In paragraph (3), the words “documented vessel” are substituted for “vessels documented under the laws of the United States” because of the definition of “documented vessel” in chapter 1 of the revised title.

In paragraph (4), the words “interest or other amounts accrued on deposits in the fund” are substituted for “receipts, in the form of interest or otherwise, with respect to amounts previously deposited” for clarity and to eliminate unnecessary words.

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Pub. L. 109–304, § 8(c)
120 Stat. 1588

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§ 53305

Eligible fund deposits

Pub. L.Pub. L. 109–304, § 8(c)

Stat.120 Stat. 1588

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