A bill to amend section 607 of the Merchant Marine Act, 1936, to ensure consistent use of funds made available for capital construction of vessels, and for other purposes.

Summary

Amends the Merchant Marine Act, 1936 to provide for the termination of a capital fund construction agreement entered into between the Secretary of Commerce and a corporation owning or leasing vessels eligible for such fund if the Secretary determines that a change in control of a corporation is contrary to the public interest. Allows any director of a corporation in office before a change in control to request the Secretary to hold a hearing to determine if the change is consistent with the purpose of the capital fund construction agreement. Authorizes the Secretary to terminate such agreement if, in the hearing, it is determined that such change in control is inconsistent with the purposes of the agreement. Directs the Secretary to terminate such an agreement when a nonqualified withdrawal is made from such fund within three years after a change in control, and a hearing determines that such withdrawal is not consistent with the purposes of the agreement. Imposes penalties for the termination of such agreements.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 1 August 1985

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.