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46 U.S.C. § 57105 - U.S. Code - Unannotated Title 46. Shipping § 57105. Acquisition of vessels for essential services, routes, or lines

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) In general.--The Secretary of Transportation may acquire a vessel, by purchase or otherwise, if--

(1) the Secretary considers the vessel necessary to establish, maintain, improve, or serve as a replacement on an essential service, route, or line in the foreign commerce of the United States, as determined under section 50103 of this title;

(2) the vessel was constructed in the United States; and

(3) the Secretary of the Navy has certified to the Secretary of Transportation that the vessel is suitable for economical and speedy conversion into a naval or military auxiliary or otherwise suitable for use by the United States Government in time of war or national emergency.

(b) Price.--The price paid for the vessel shall be based on a fair and reasonable valuation. However, the price may not exceed by more than 5 percent the cost of the vessel to the owner (excluding any construction- differential subsidy and the cost of national defense features paid by the Secretary of Transportation) plus the actual cost previously expended for reconditioning, less depreciation based on a 25-year life for a dry-cargo or passenger vessel and a 20-year life for a tanker or other liquid bulk carrier vessel.

(c) Documentation.--A vessel acquired under this section that is not documented under the laws of the United States at the time of acquisition shall be so documented as soon as practicable.

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Cite this article: FindLaw.com - 46 U.S.C. § 57105 - U.S. Code - Unannotated Title 46. Shipping § 57105. Acquisition of vessels for essential services, routes, or lines - last updated January 01, 2024 | https://codes.findlaw.com/us/title-46-shipping/46-usc-sect-57105/

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