46 USC 58102: Default on payment or maintenance of reserves

46 USC 58102: Default on payment or maintenance of reserves Text contains those laws in effect on November 14, 2024

From Title 46-SHIPPINGSubtitle V-Merchant MarinePart G-Restrictions and PenaltiesCHAPTER 581-RESTRICTIONS AND PENALTIES

§58102. Default on payment or maintenance of reserves

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 .)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
58102	46 App.:1223(b).	June 29, 1936, ch. 858, title VIII, §805(b), 49 Stat. 2012 ; Pub. L. 97–31, §12(122), Aug. 6, 1981, 95 Stat. 164 ; Pub. L. 104–239, §4(b)(2), Oct. 8, 1996, 110 Stat. 3131 .

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.