Page:United States Statutes at Large Volume 120.djvu/1682

 PUBLIC LAW 109–304—OCT. 6, 2006

120 STAT. 1651

‘‘(2) financial assistance to defray certain expenses incurred outside the United States, except the cost of transportation on foreign vessels and aircraft. ‘‘(c) USE OF FOREIGN CURRENCIES.—To carry out this section, the President may use, in addition to amounts appropriated to carry out trade promotion activities, foreign currencies owned by or owed to the United States Government.

‘‘PART E—CONTROL

OF

MERCHANT MARINE CAPABILITIES

‘‘CHAPTER 561—RESTRICTIONS ON TRANSFERS ‘‘Sec. ‘‘56101. ‘‘56102. ‘‘56103. ‘‘56104. ‘‘56105.

Approval required to transfer vessel to noncitizen. Additional controls during war or national emergency. Conditional approvals. Penalty for false statements. Forfeiture procedure.

‘‘§ 56101. Approval required to transfer vessel to noncitizen ‘‘(a) RESTRICTIONS.— ‘‘(1) IN GENERAL.—Except as otherwise provided in this section, section 12119 of this title, or section 611 of the Merchant Marine Act, 1936, a person may not, without the approval of the Secretary of Transportation— ‘‘(A) sell, lease, charter, deliver, or in any other manner transfer, or agree to sell, lease, charter, deliver, or in any other manner transfer, to a person not a citizen of the United States, an interest in or control of— ‘‘(i) a documented vessel owned by a citizen of the United States; or ‘‘(ii) a vessel last documented under the laws of the United States; or ‘‘(B) place under foreign registry, or operate under the authority of a foreign country, a documented vessel or a vessel last documented under the laws of the United States. ‘‘(2) EXCEPTIONS.—Paragraph (1)(A) does not apply to a vessel that has been operated only for pleasure or only as a fishing vessel, fish processing vessel, or fish tender vessel (as defined in section 2101 of this title). ‘‘(b) APPROVAL BEFORE DOCUMENTATION.—To promote financing with respect to a vessel to be documented under chapter 121 of this title, the Secretary may grant approval under subsection (a) before the vessel is documented. ‘‘(c) EXCEPTIONS.—Notwithstanding any other provision of this subtitle, the Merchant Marine Act, 1936, or any contract with the Secretary made under this subtitle or that Act, a person may place a vessel under foreign registry without the approval of the Secretary if— ‘‘(1)(A) the Secretary, in conjunction with the Secretary of Defense, determines that at least one replacement vessel of equal or greater military capability and of a capacity that is equivalent or greater, as measured by deadweight tons, gross tons, or container equivalent units, as appropriate, is documented under chapter 121 of this title by the owner of the vessel placed under foreign registry; and ‘‘(B) the replacement vessel is not more than 10 years old on the date of that documentation; or

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