§ 58102. Default on payment or maintenance of reserves
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The Secretary of Transportation may supervise the number and compensation of all officers and employees of a contractor under the operating-differential subsidy program or a charterer under chapter 575 of this title, receiving an operating-differential subsidy, if the contractor or charterer—
(1)is in default on a mortgage, note, purchase contract, or other obligation to the Secretary; or
(2)has not maintained, in a manner satisfactory to the Secretary, all of the reserves provided for in this subtitle.
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1671.)
The words “contractor under the operating-differential subsidy program or a charterer under chapter 575 of this title, receiving an operating-differential subsidy” are substituted for “contractor under part A of subchapter VI of this chapter or subchapter VII of this chapter receiving an operating-differential subsidy” for the reasons explained under section 58101.
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- Pub. L. 109–304, § 8(c)
- 120 Stat. 1671
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§ 58102
Default on payment or maintenance of reserves
Pub. L.Pub. L. 109–304, § 8(c)
Stat.120 Stat. 1671
Cites 2Cited by 0 across 0 sources