46 U.S.C. § 57104 Acquisition of Vessels From Sale of Obsolete Vessels

• Library: United States Statutes
• Edition: 2023 Edition
• Currency: Current through P.L. 118-19 (published on www.congress.gov on 10/06/2023)

(a) IN GENERAL.-The Secretary of Transportation may acquire suitable documented vessels with amounts in the Vessel Operations Revolving Fund derived from the sale of obsolete vessels in the National Defense Reserve Fleet.

(b) VALUATION.-The acquired and obsolete vessels shall be valued at their scrap value in domestic or foreign markets as of the date of the acquisition for or sale from the Fleet. However, the value assigned to those vessels shall be determined on the same basis, with consideration given to the fair value of the cost of moving the vessel sold from the Fleet to the place of scrapping.

(c) COSTS INCIDENT TO LAY-UP.-Costs incident to the lay-up of the vessel acquired under this section may be paid from amounts in the Fund.

(d) TRANSFERS TO NON-CITIZENS.-A vessel sold from the Fleet under this section may be scrapped in an approved foreign market without obtaining additional separate approval from the Secretary to transfer the vessel to a person not a citizen of the United States.

Cite as 46 U.S.C. § 57104

Source: Pub. L. 109-304, §8(c), Oct. 6, 2006, 120 Stat. 1660.

current through 7/7/2023

<TABLE> <TR><TD colspan="3">HISTORICAL AND REVISION NOTES</TD> </TR> <TR> <TD>Revised <para>Section</para> </TD> <TD>Source (U.S. Code)</TD> <TD>Source (Statutes at Large)</TD> </TR> <TR> <TD>57104</TD> <TD>46 App.:1160(i).</TD> <TD>June 29, 1936, ch. 858, title V, §510(i), as added Pub. L. 86-575, July 5, 1960, 74 Stat. 312; Pub. L. 89-254, §1, Oct. 10, 1965, 79 Stat. 980; Pub. L. 91-469, §13, Oct. 21, 1970, 84 Stat. 1022; Pub. L. 93-605, §1, Jan. 2, 1975, 88 Stat. 1965; Pub. L. 95-177, Nov. 15, 1977, 91 Stat. 1368; Pub. L. 97-31, §12(91), Aug. 6, 1981, 95 Stat. 161; <actcitation href="" statecd="US" sessionyear="1990" actaltid="101-595">Pub. L. <actid>101-595</actid></actcitation>, <actseccitation href="" statecd="US" sessionyear="1990" actaltid="101-595">title VII, §<actsec>704</actsec>, Nov. 16, <sessionyear>1990</sessionyear></actseccitation>, 104 Stat. 2994.</TD> </TR> </TABLE>