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46 USC 53509 - Qualified withdrawals
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US Code > Shipping > 46 USC 53509 - Qualified withdrawals
Sec. 53509. Qualified withdrawals
(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notice and opportunity for a hearing to the person maintaining the fund, may treat any amount in the fund as an amount withdrawn from the fund in a nonqualified withdrawal.
Sections: 53502 53503 53504 53505 53506 53507 53508 53509 53510 53511 53512 53513 53514 53515 53516
Last modified: July 21, 2011
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