46 USC 58102 - Default on payment or maintenance of reserves

U.S Code last checked for updates: May 06, 2024

§ 58102.

Default on payment or maintenance of reserves

The Secretary of Transportation may supervise the number and compensation of all officers and employees of a contractor under the operating-differential subsidy program or a charterer under chapter 575 of this title, receiving an operating-differential subsidy, if the contractor or charterer—

(1)

is in default on a mortgage, note, purchase contract, or other obligation to the Secretary; or

(2)

has not maintained, in a manner satisfactory to the Secretary, all of the reserves provided for in this subtitle.

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1671.)

cite as: 46 USC 58102