46 U.S. Code Section 53412 - Acquisition of Fleet vessels

(a) In General.—Upon replacement of a Fleet vessel under an operating agreement under this chapter, and subject to agreement by the program participant of the vessel, the Secretary of Transportation is authorized, subject to the concurrence of the Secretary of Defense, acquire the vessel being replaced for inclusion in the National Defense Reserve Fleet.

(b) Requirements.—To be eligible for acquisition by the Secretary of Transportation under this section a vessel shall—

(1) have been covered by an operating agreement under this chapter for not less than 3 years; and

(2) meet recapitalization requirements for the Ready Reserve Force.

(c) Fair Market Value.—A fair market value shall be established by the Maritime Administration for acquisition of an eligible vessel under this section.

(d) Appropriations.—Vessel acquisitions under this section shall be subject to the availability of appropriations. Amounts made available to carry out this section shall be derived from amounts authorized to be appropriated for the National Defense Reserve Fleet. Amounts authorized to be appropriated to carry out the Maritime Security Program may not be use to carry out this section.

46 U.S.C. § 53412 (2021)

Disclaimer: Lawrina maintains this website to enhance public access to information about its activities. We make an effort to keep the information about codes timely and accurate. Please note that we cannot guarantee that the U.S.C, Title 46, Section 53412 — Acquisition of Fleet vessels — exactly reproduces the officially adopted text.

We use Cookies to make Your experience on the Portal greater. To learn more about Cookies we use, please read Our Cookie Policy. Do you allow us to use Cookie?
Learn more Accept Cookies