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, after a hearing, that a hostile change in control of such corporation is inconsistent with the purposes of such agreement. Directs the Secretary to terminate such an agreement when a nonqualified withdrawal is made from such fund within three years after a hostile change in control, if the Secretary determines that the withdrawal is inconsistent with the purposes of such agreement. Imposes penalties for the termination of such agreements.

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Documents

1 official file

• Introduced in House

  summary · EN · 11 September 1985

  Open at official source

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