46 U.S. Code Section 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.

Annotations
Citation
46 U.S.C. § 58102 (2021)
Miscellaneous
Historical and Revision Notes
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.

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