§ 53509. Qualified withdrawals
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/usc/title-46/section-53509A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In General.— Subject to subsection (b), a withdrawal from a capital construction fund is a qualified withdrawal if it is made under the terms of the agreement and is for—
(1)the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel; or
(2)the payment of the principal on indebtedness incurred in the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel.
(b)Barges and Containers.— Except as provided in regulations prescribed by the Secretary, subsection
(a)applies to a barge or container only if it is constructed in the United States.
(c)Treatment as Nonqualified Withdrawal.— Under joint regulations, if the Secretary determines that a substantial obligation under an agreement is not being fulfilled, the Secretary, after notice and opportunity for a hearing to the person maintaining the fund, may treat any amount in the fund as an amount withdrawn from the fund in a nonqualified withdrawal.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1596.)
In subsection (c), the words “any amount in the fund” are substituted for “the entire fund or any portion thereof” to eliminate unnecessary words.
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- Pub. L. 109–304, § 8(c)
- 120 Stat. 1596
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§ 53509
Qualified withdrawals
U.S.C.×1
Pub. L.Pub. L. 109–304, § 8(c)
Stat.120 Stat. 1596
Cites 2Cited by 1 across 1 source