46 U.S. Code § 58102 - Default on payment or maintenance of reserves

The Secretary of Transportation may supervise the number and compensation of all officers and employees of a contractor under the operating-differential subsidy program or a charterer under chapter 575 of this title, receiving an operating-differential subsidy, if the contractor or charterer—
(1) is in default on a mortgage, note, purchase contract, or other obligation to the Secretary; or
(2) has not maintained, in a manner satisfactory to the Secretary, all of the reserves provided for in this subtitle.

Source

(Pub. L. 109–304, § 8(c),Oct. 6, 2006, 120 Stat. 1671.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
58102
46 App.:1223(b).
June 29, 1936, ch. 858, title VIII, § 805(b), 49 Stat. 2012; Pub. L. 97–31, § 12(122), Aug. 6, 1981, 95 Stat. 164; Pub. L. 104–239, § 4(b)(2), Oct. 8, 1996, 110 Stat. 3131.

The words “contractor under the operating-differential subsidy program or a charterer under chapter 575 of this title, receiving an operating-differential subsidy” are substituted for “contractor under part A of subchapter VI of this chapter or subchapter VII of this chapter receiving an operating-differential subsidy” for the reasons explained under section 58101.

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.