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46 U.S.C. 58102: Default on payment or maintenance of reservesText contains those laws in effect through Public Law 119-120 (October 7, 2026).
From Title 46-SHIPPINGCHAPTER 581-RESTRICTIONS AND PENALTIES
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§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.

( Pub. L. 109–304, § 8(c) , Oct. 6, 2006 , 120 Stat. 1671 .)

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.