§53503. Establishing a capital construction fund
(a) In General.-A citizen of the United States owning or leasing an eligible vessel may make an agreement with the Secretary under this chapter to establish a capital construction fund for the vessel.
(b) Allowable Purpose.-The purpose of the agreement shall be to provide replacement vessels, additional vessels, or reconstructed vessels, built in the United States and documented under the laws of the United States, for operation in the foreign or domestic trade of the United States or in the fisheries of the United States.
(
Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1593
;
Pub. L. 110–140, title XI, §1122(b), Dec. 19, 2007, 121 Stat. 1762
;
Pub. L. 117–263, div. C, title XXXV, §3545, Dec. 23, 2022, 136 Stat. 3100
.)
Historical and Revision Notes
| Revised Section
| Source (U.S. Code) | Source (Statutes at Large) |
| 53503(a) |
46 App.:1177(a) (1st sentence). |
June 29, 1936, ch. 858, title VI, §607(a) (1st sentence), (2d sentence related to purpose), 49 Stat. 2005
; June 23, 1938, ch. 600, §§23–28, 52 Stat. 960
; Aug. 4, 1939, ch. 417, §10, 53 Stat. 1185
; July 17, 1952, ch. 939, §§17–19, 66 Stat. 764
;
Pub. L. 85–637, Aug. 14, 1958, 72 Stat. 216
;
Pub. L. 86–518, §1, June 12, 1960, 74 Stat. 216
;
Pub. L. 87–45, §6, May 27, 1961, 75 Stat. 91
;
Pub. L. 87–271, Sept. 21, 1961, 75 Stat. 570
; restated
Pub. L. 91–469, §21(a), Oct. 21, 1970, 84 Stat. 1026
;
Pub. L. 97–31, §12(97)(A), Aug. 6, 1981, 95 Stat. 162
. |
| 53503(b) |
46 App.:1177(a) (2d sentence related to purpose). |
|
Editorial Notes
Amendments
2022-Subsec. (b). Pub. L. 117–263 substituted "foreign or domestic trade of the United States" for "United States foreign, Great Lakes, noncontiguous domestic, or short sea transportation trade".
2007-Subsec. (b). Pub. L. 110–140 substituted "noncontiguous domestic, or short sea transportation trade" for "or noncontiguous domestic trade".
Statutory Notes and Related Subsidiaries
Effective Date of 2007 Amendment
Amendment by Pub. L. 110–140 effective on the date that is 1 day after Dec. 19, 2007, see section 1601 of Pub. L. 110–140, set out as an Effective Date note under section 1824 of Title 2, The Congress.