§1272. Federal Ship Financing Fund

There is created a Federal Ship Financing Fund (hereinafter referred to as the Fund) which shall be used by the Secretary as a revolving fund for the purpose of carrying out the provisions of this subchapter, and there shall be allocated to such fund the sum of $1,000,000 out of funds made available to the Secretary under the appropriation authorized by section 1279 ¹ of this Appendix. Moneys in the Fund shall be deposited in the Treasury of the United States to the credit of the Fund or invested in bonds or other obligations of, or guaranteed as to principal and interest by, the United States.

(June 29, 1936, ch. 858, title XI, §1102, as added June 23, 1938, ch. 600, §46, 52 Stat. 969 ; amended Sept. 3, 1954, ch. 1265, §2, 68 Stat. 1268 ; Pub. L. 86–123, §1(2), July 31, 1959, 73 Stat. 269 ; Pub. L. 92–507, §2, Oct. 19, 1972, 86 Stat. 910 ; Pub. L. 97–31, §12(136), Aug. 6, 1981, 95 Stat. 166 .)

References in Text

Section 1279 of this Appendix, referred to in text, was repealed by Pub. L. 101–225, title III, §307(7), Dec. 12, 1989, 103 Stat. 1925 .

Amendments

1981-Pub. L. 97–31 struck out "of Commerce" after "Secretary" in two places.

1972-Pub. L. 92–507 substituted "Federal Ship Financing Fund" for "Federal Ship Mortgage Insurance Fund", and "Fund" for "fund" in four places.

1959-Pub. L. 86–123 substituted "section 1110" for "section 1109" of act June 29, 1936, which for purposes of codification has been changed to "section 1279 of this Appendix".

1954-Act Sept. 3, 1954, omitted provisions relating to the purchase of debentures and substituted "Secretary of Commerce" for "Commission".

Section Referred to in Other Sections

This section is referred to in sections 1271, 1274, 1274a, 1275, 1279c of this Appendix; title 16 section 742c–1.

¹ See References in Text note below.