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 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 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. Imposes penalties for termination of such agreements. Directs the Secretary to determine whether a hostile change in control of a corporation has occurred for purposes of this Act.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 29 July 1985

  Open at official source

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