46 U.S.C. § 58102 — Default on payment or maintenance of reserves

FEDERAL · 46 U.S.C. · Chapter 581

Default on payment or maintenance of reserves

Current through Pub. L. 119-102

Title 46 — Shipping·Ch. 581 — RESTRICTIONS AND PENALTIES

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.

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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.

46 U.S.C. § 58102 (Default on payment or maintenance of reserves) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1671.)

Editorial Notes

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.