§53302. Authority for construction reserve funds

(a) General Authority.-An eligible person under section 53303 of this title may establish a construction reserve fund for the construction, reconstruction, reconditioning, or acquisition of a new vessel or for other purposes authorized by this chapter.

(b) Application of Certain Laws and Regulations.-The fund shall be established, maintained, expended, and used as provided by this chapter and regulations prescribed jointly by the Secretary of Transportation and the Secretary of the Treasury.

( Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1587 .)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
53302(a)	46 App.:1161(b) (1st sentence words before 6th comma and between 10th and 16th commas).	June 29, 1936, ch. 858, title V, §511(b) (1st sentence words before 6th comma and between 10th and 16th commas, last sentence), as added Oct. 10, 1940, ch. 849, 54 Stat. 1106 ; June 17, 1943, ch. 130, subdiv. (a), 57 Stat. 157 ; July 17, 1952, ch. 939, §9, 66 Stat. 762 ; Pub. L. 97–31, §12(92)(A), Aug. 6, 1981, 95 Stat. 161 .
53302(b)	46 App.:1161(b) (last sentence).

In subsection (a), the words "necessary to carrying out the policy set forth in section 1101 of this Appendix" are omitted as unnecessary.