Page:United States Statutes at Large Volume 120.djvu/1689

 120 STAT. 1658

PUBLIC LAW 109–304—OCT. 6, 2006

‘‘(4) Extension, for not more than the total period of the lay-up, of the 20-year life limitation for the vessel and other limitations and provisions of this subtitle based on a 20-year life. ‘‘(5) Provision for temporary or emergency employment of the vessel (instead of lay-up) as may be practicable, with such arrangements for management of the vessel, payment of expenses, and application of the proceeds of the employment, as the Secretary may approve, with any period of operation being included as part of the lay-up period. ‘‘(6) Payment to the Secretary, on termination of the arrangements with the applicant, of the applicant’s net profits (earned while the arrangements were in effect) in excess of 10 percent a year on the capital necessarily employed in the applicant’s business, as reimbursement for obligations postponed or canceled and expenses incurred or paid by the Secretary under this section. ‘‘(c) LAID-UP VESSELS.—Under subsection (b)(6), capital of the applicant represented by a vessel of the applicant laid-up or operated under this section shall be included in capital necessarily employed in the applicant’s business. The Secretary may require a vessel laid-up or operated under this section to be security for reimbursement. ‘‘§ 56504. Changes in adjustments and arrangements ‘‘The Secretary of Transportation may change an adjustment or arrangement made under this chapter as the Secretary considers necessary to carry out this chapter.

‘‘PART F—GOVERNMENT-OWNED MERCHANT VESSELS ‘‘CHAPTER 571—GENERAL AUTHORITY ‘‘Sec. ‘‘57101. ‘‘57102. ‘‘57103. ‘‘57104. ‘‘57105. ‘‘57106. ‘‘57107. ‘‘57108. ‘‘57109.

Placement of vessels in National Defense Reserve Fleet. Disposition of vessels not worth preserving. Sale of obsolete vessels in National Defense Reserve Fleet. Acquisition of vessels from sale of obsolete vessels. Acquisition of vessels for essential services, routes, or lines. Maintenance, improvement, and operation of vessels. Vessels for other agencies. Consideration of ballast and equipment in determining selling price. Operation of vessels purchased, chartered, or leased from Secretary of Transportation.

‘‘§ 57101. Placement of vessels in National Defense Reserve Fleet ‘‘(a) IN GENERAL.—Any vessel acquired by the Maritime Administration shall be placed in the National Defense Reserve Fleet maintained under section 11 of the Merchant Ship Sales Act of 1946 (50 App. U.S.C. 1744). ‘‘(b) REMOVAL FROM FLEET.—A vessel placed in the Fleet under subsection (a) may not be traded out or sold from the Fleet, except as provided in section 57102, 57103, or 57104 or chapter 533, 537, 573, or 575 of this title. ‘‘§ 57102. Disposition of vessels not worth preserving ‘‘(a) IN GENERAL.—If the Secretary of Transportation determines that a vessel owned by the Maritime Administration is of insufficient value for commercial or military operation to warrant

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