{"identifier":"/us/usc/t46/s53509","title":46,"num":"\u00a7\u202f53509.","heading":"Qualified withdrawals","text":"\u00a7\u202f53509.\nQualified withdrawals\n(a)\nIn General.\u2014\nSubject to subsection (b), a withdrawal from a capital construction fund is a qualified withdrawal if it is made under the terms of the agreement and is for\u2014\n(1) the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel; or\n(2) the payment of the principal on indebtedness incurred in the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel.\n(b)\nBarges and Containers.\u2014\nExcept as provided in regulations prescribed by the Secretary, subsection (a) applies to a barge or container only if it is constructed in the United States.\n(c)\nTreatment as Nonqualified Withdrawal.\u2014\nUnder joint regulations, if the Secretary determines that a substantial obligation under an agreement is not being fulfilled, the Secretary, after notice and opportunity for a hearing to the person maintaining the fund, may treat any amount in the fund as an amount withdrawn from the fund in a nonqualified withdrawal.","url":"https://projectusc.org/usc/t46/s53509.html","content":[{"t":"sec","id":"/us/usc/t46/s53509","children":[{"t":"num","text":"\u00a7\u202f53509."},{"t":"heading","text":"Qualified withdrawals"},{"t":"subsec","id":"/us/usc/t46/s53509/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In General.\u2014"},{"t":"chapeau","text":"Subject to subsection (b), a withdrawal from a capital construction fund is a qualified withdrawal if it is made under the terms of the agreement and is for\u2014"},{"t":"para","id":"/us/usc/t46/s53509/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel; or","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t46/s53509/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" the payment of the principal on indebtedness incurred in the acquisition, construction, or reconstruction of a qualified vessel or a barge or container that is part of the complement of a qualified vessel.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t46/s53509/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Barges and Containers.\u2014"},{"t":"content","text":"Except as provided in regulations prescribed by the Secretary, subsection (a) applies to a barge or container only if it is constructed in the United States.","tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t46/s53509/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Treatment as Nonqualified Withdrawal.\u2014"},{"t":"content","text":"Under joint regulations, if the Secretary determines that a substantial obligation under an agreement is not being fulfilled, the Secretary, after notice and opportunity for a hearing to the person maintaining the fund, may treat any amount in the fund as an amount withdrawn from the fund in a nonqualified withdrawal.","tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}