§742c–1. Investment in obligations of the United States; proceeds to be used for fisheries

All moneys in the Fisheries Loan Fund established under Section ¹ 742c of this title shall be invested by the Secretary of Commerce in obligations of the United States, except so much as shall be currently needed for loans or administrative expenses authorized under the Fisheries Loan Fund. All accrued proceeds from such investment shall be, subject to amounts provided in advance by appropriations, credited by the Secretary of the Treasury to the debt of the Secretary of Commerce incurred under section 1105(d) of the Merchant Marine Act, 1936 [46 App. U.S.C. 1275(d)], as amended, in connection with fisheries financing under title XI of the Merchant Marine Act, 1936 [46 App. U.S.C. 1271 et seq.], as amended, for so long as such debt exists. All accrued proceeds from such investment, after such debt has been liquidated, shall be, subject to amounts provided in advance by appropriations, credited to the fisheries portion of the Federal Ship Financing Fund established under section 1102 of the Merchant Marine Act, 1936 [46 App. U.S.C. 1272], as amended, and used for the fisheries purposes provided in title XI of the Merchant Marine Act, 1936, as amended.

( Pub. L. 98–498, title IV, §432, Oct. 19, 1984, 98 Stat. 2310 .)

References in Text

The Merchant Marine Act, 1936, referred to in text, is act June 29, 1936, ch. 858, 49 Stat. 1985 , as amended. Title XI of the Merchant Marine Act, 1936, is classified generally to subchapter XI (§1271 et seq.) of chapter 27 of Title 46, Appendix, Shipping. For complete classification of this Act to the Code, see section 1245 of Title 46, Appendix, and Tables.

¹ So in original. Probably should not be capitalized.