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46 U.S.C. § 57506 — Minimum selling price of vessels

Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 57506 — Minimum selling price of vessels

**(a) In General.—** A vessel constructed under this subtitle or the Merchant Marine Act, 1936, may not be sold by the Secretary of Transportation for less than the price specified in this section. **(b) Operation in Foreign Trade.—** If the vessel is to be operated in foreign trade, the minimum price is the estimated foreign construction cost (exclusive of national defense features) determined as of the date the construction contract is executed, less depreciation under subsection (d). **(c) Operation in Domestic Trade.—** If the vessel is to be operated in domestic trade, the minimum price is the cost of construction in the United States (exclusive of national defense features), less depreciation under subsection (d). **(d) Depreciation.—** Depreciation under subsections (b) and (c) shall be based on— (1) a 25-year life for dry-cargo and passenger vessels; and (2) a 20-year life for tankers and other bulk liquid carrier vessels.

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Source location: Title 46, Chapter 575, § 57506; chapter-575-construction-charter-and-sale-of-vessels.md

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53101 — Definitions

In this chapter: (1) **Bulk cargo.—** — The term “bulk cargo” means cargo that is loaded and carried in bulk without mark or count. (2) **Contractor.—** — The term “contractor” means an owner or operator of a vessel that enters into an operating agreement for the vessel with the Secretary under section 53103. (3) **Fleet.—** — The term “Fleet” means the Maritime Security Fleet established under section 53102(a). (4) **Foreign commerce.—** — The term “foreign commerce” means— (A) commerce or trade between the United States, its territories or possessions, or the District of Columbia, and a foreign country; and (B) commerce or trade between foreign countries. (5) **Participating fleet vessel.—** — The term “participating fleet vessel” means any vessel that— (A) on October 1, 2015— (i) meets the requirements of paragraph (1), (2), (3), or (4) of section 53102(c); and (ii) is less than 20 years of age if the vessel is a tank vessel, or is less than 25 years of age for all other vessel types; and (B) on December 31, 2014, is covered by an operating agreement under this chapter. (6) **Person.—** — The term “person” includes corporations, partnerships, and associations existing under or authorized by the laws of the United States, or any State, Territory, District, or possession thereof, or of any foreign country. (7) **Product tank vessel.—** — The term “product tank vessel” means a double hulled tank vessel capable of carrying simultaneously more than 2 separated grades of refined petroleum products. (8) **Secretary.—** — The term “Secretary” means the Secretary of Transportation. (9) **Tank vessel.—** — The term “tank vessel” has the meaning that term has under [section 2101 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-

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46 U.S.C. § 57522 — Books and records, balance sheets, and inspection and auditing

Every contract executed by the Secretary of Transportation under this chapter shall contain provisions requiring (1) that, the contractor and every affiliate, domestic agent, subsidiary, or holding company connected with, or directly or indirectly controlling or controlled by, the contractor, to keep its books, records, and accounts, relating to the maintenance, operation, and servicing of the vessels, services, routes, and lines covered by the contract, in such form and under such regulations as may be prescribed by the Secretary of Transportation; (2) that the contractor and every affiliate, domestic agent, subsidiary, or holding company connected with, or directly or indirectly controlling or controlled by, the contractor, to file, upon notice from the Secretary of Transportation, balance sheets, profit and loss statements, and such other statements of financial operations, special report, memoranda of any facts and transactions, which in the opinion of the Secretary of Transportation affect the financial results in, the performance of, or transactions or operations under, such contract; (3) that the Secretary of Transportation shall be authorized to examine and audit the books, records, and accounts of all persons referred to in this section whenever he may deem it necessary or desirable; and (4) that upon the willful failure or refusal of any person described in this section to comply with the contract provisions required by this section, the Secretary of Transportation shall have the right to rescind the contract, and upon such rescission, the United States shall be relieved of all further liability on such contract.

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 101 — Agency

In this title, the term “agency” means a department, agency, or instrumentality of the United States Government.

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 57506 — Minimum selling price of vessels

Page 519 TITLE 46—SHIPPING § 57512 In subsection (a), the words ‘‘As soon as practicable after June 29, 1936, and continuing thereafter’’ are omitted as obsolete. The words ‘‘However, the Sec- retary shall first determine that those routes are not being adequately served’’ are substituted for ‘‘Provided, That such needs are not being adequately served’’ for clarity and because provisos are disfavored in modern drafting. In subsection (b)(1), the words ‘‘in the manner pro- vided in section 7 of the Merchant Marine Act, 1920 [46 App. U.S.C. 866], and in strict accordance with the pro- visions of section 5 of said Act’’ are omitted because section 5 of that Act was repealed in 1988, and section 7 is being repealed as obsolete by this bill without being restated. § 57506. Minimum selling price of vessels (a) IN GENERAL.—A vessel constructed under this subtitle or the Merchant Marine Act, 1936, may not be sold by the Secretary of Transpor- tation for less than the price specified in this section. (b) OPERATION IN FOREIGN TRADE.—If the vessel is to be operated in foreign trade, the minimum price is the estimated foreign construction cost (exclusive of national defense features) deter- mined as of the date the construction contract is executed, less depreciation under subsection (d). (c) OPERATION IN DOMESTIC TRADE.—If the ves- sel is to be operated in domestic trade, the min- imum price is the cost of construction in the United States (exclusive of national defense fea- tures), less depreciation under subsection (d). (d) DEPRECIATION.—Depreciation under sub- sections (b) and (c) shall be based on— (1) a 25-year life for dry-cargo and passenger vessels; and (2) a 20-year life for tankers and other bulk liquid carrier vessels. (Pub. L. 109–304, § 8(

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