§1280. Advances to fund

The Secretary 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.

( Pub. L. 85–469, title I, §101, June 25, 1958, 72 Stat. 231 ; Pub. L. 92–507, §2, Oct. 19, 1972, 86 Stat. 910 ; Pub. L. 97–31, §12(137), Aug. 6, 1981, 95 Stat. 166 .)

Codification

"Federal Ship Financing Fund" substituted for "Federal Ship Mortgage Insurance Fund" to conform to change of name in the amendment of section 1272 of this Appendix by Pub. L. 92–507, §2, Oct. 19, 1972, 86 Stat. 910 .

Section was not enacted as part of the Merchant Marine Act, 1936, which comprises this chapter.

Amendments

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

¹ Now 46 App. U.S.C. 1241a.