46 USC App 1288: Insurance fund; investments; appropriations
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46 USC App 1288: Insurance fund; investments; appropriations Text contains those laws in effect on January 23, 2000
From Title 46-AppendixCHAPTER 27-MERCHANT MARINE ACT, 1936SUBCHAPTER XII-WAR RISK INSURANCE
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§1288. Insurance fund; investments; appropriations

(a) The Secretary shall create an insurance fund in the Treasury to enable him to carry out the provisions of this subchapter. Moneys appropriated by Congress to carry out the provisions of this subchapter and all moneys received from premiums, salvage, or other recoveries and all receipts in connection with this subchapter shall be deposited in the Treasury to the credit of such fund. Payments of return premiums, losses, settlements, judgments, and all liabilities incurred by the United States under this subchapter shall be made from such fund through the Fiscal Service, Treasury Department. Upon the request of the Secretary of Transportation, the Secretary of the Treasury may invest or reinvest all or any part of the fund in securities of the United States or in securities guaranteed as to principal and interest by the United States. The interest and benefits accruing from such securities shall be deposited to the credit of the fund.

(b) Such sums as shall be necessary to carry out the provisions of this subchapter are authorized to be appropriated to such fund.

(June 29, 1936, ch. 858, title XII, §1208, as added Sept. 7, 1950, ch. 906, 64 Stat. 775 ; amended Pub. L. 87–743, Oct. 3, 1962, 76 Stat. 740 ; Pub. L. 97–31, §12(139), Aug. 6, 1981, 95 Stat. 166 .)

Amendments

1981-Subsec. (a). Pub. L. 97–31 substituted "Secretary of Transportation" for "Secretary of Commerce".

1962-Subsec. (a). Pub. L. 87–743 authorized the investment or reinvestment of all or part of the fund in securities of the United States or in securities guaranteed as to principal and interest by the United States, and required the interest and benefits accruing from such securities to be deposited to the credit of the fund.

Transfer of Functions

"Fiscal Service" substituted for "Division of Disbursement" in subsec. (a) on authority of section 1(a)(1) of 1940 Reorg. Plan No. III, eff. June 30, 1940, 5 F.R. 2107, 54 Stat. 1231, set out in the Appendix to Title 5, Government Organization and Employees, which consolidated such division into Fiscal Service of Department of the Treasury. See section 306 of Title 31, Money and Finance.

Section Referred to in Other Sections

This section is referred to in title 10 section 2645.