FEDERAL · 46 U.S.C. · Chapter 535
Deposits and withdrawals
46 U.S.C. § 53504
Title46 — Shipping
Chapter535 — CAPITAL CONSTRUCTION FUNDS
This text of 46 U.S.C. § 53504 (Deposits and withdrawals) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
46 U.S.C. § 53504.
Text
(a)Required Deposits.—An agreement to establish a capital construction fund shall provide for the deposit in the fund of the amounts agreed to be appropriate to provide for qualified withdrawals under section 53509 of this title.
(b)Applicable Requirements.—Deposits in and withdrawals from the fund are subject to the requirements included in the agreement or prescribed by the Secretary by regulation. However, the Secretary may not require a person to deposit in the fund for a taxable year more than 50 percent of that portion of the person's taxable income for that year (as determined under section 53505(a)(1) of this title) that is attributable to the operation of an agreement vessel.
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Source Credit
History
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1593.)
Editorial Notes
In subsection (a), the words "agreed to be appropriate" are substituted for "agreed upon as necessary or appropriate" to eliminate unnecessary words.
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Bluebook (online)
46 U.S.C. § 53504, Counsel Stack Legal Research, https://law.counselstack.com/usc/46/53504.