46 USC 55332 - Designating American Great Lakes Vessels

(a) Designations.—The Secretary of Transportation shall designate a vessel as an American Great Lakes vessel if—

(1) an application for designation is submitted to the Secretary under regulations prescribed by the Secretary;

(2) the vessel is documented under the laws of the United States;

(3) the vessel, on the effective date of the designation, is—

(A) at least 1, but not more than 6, years old; or

(B) at least 1, but not more than 11, years old if the Secretary finds that suitable vessels are not available to provide the type of service for which the vessel will be used after the designation;

(4) the vessel has not previously been designated as an American Great Lakes vessel; and

(5) the owner makes an agreement as provided under subsection (b).

(b) Agreements.—A vessel may be designated as an American Great Lakes vessel only if the person that will be the owner of the vessel at the time of the designation makes an agreement with the Secretary providing that if the Secretary determines that the vessel is necessary to the defense of the United States, the United States Government will have an exclusive right, during the 120-day period following the date of a revocation of the designation under section 55335 of this title, to purchase the vessel for a price equal to the greater of—

(1) the approximate world market value of the vessel; or

(2) the cost of the vessel to the owner less a reasonable amount for depreciation.

(c) Certain Foreign Documentation and Sale Not Prohibited.—Notwithstanding any other law, if the Government does not exercise its right of purchase under an agreement under subsection (b), the owner of the vessel is not prohibited from—

(1) documenting the vessel under the laws of a foreign country; or

(2) selling the vessel to a person not a citizen of the United States.

(d) Regulations.—The Secretary shall prescribe regulations establishing requirements for submitting applications under this section.

(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1649.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
55332	46 App.:1241r.	Pub. L. 101–624, title XV, §1522, Nov. 28, 1990, 104 Stat. 3665.

Sections:  Previous  55311  55312  55313  55314  55315  55318  55331  55332  55333  55334  55335  55336  55501  55502  55601  Next

Last modified: October 26, 2015