§ 1280. Advances to fund

The Secretary or the Administrator of the Maritime Administration is authorized to advance to the Federal Ship Financing Fund from the “Vessel operations revolving fund” (46 U.S.C. 1241a),[1] such amounts as may be required for the payment, pursuant to section 1275 of this Appendix, of unpaid principal amounts of defaulted mortgages and loans and of unpaid interest thereon: Provided, That such advances shall be repaid to the “Vessel operations revolving fund” as soon as practicable consistent with the status of the Federal Ship Financing Fund: Provided further, That the total advances outstanding at any one time shall not exceed $10,000,000.

[1] Now 46 App. U.S.C. 1241a.