Us Code § 58102 - Default on payment or maintenance of reserves
Full text of Us Code United States Code § 58102 — Default on payment or maintenance of reserves, with citation guidance and answers to common questions.
§ 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.)
| 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.
About This Section
46 U.S.C. § 58102 is part of Title 46 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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