§ 742c-1. — Investment in obligations of the United States; proceeds to be used for fisheries.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 16USC742c-1]
TITLE 16--CONSERVATION
CHAPTER 9--FISH AND WILDLIFE SERVICE
Sec. 742c-1. Investment in obligations of the United States;
proceeds to be used for fisheries
All moneys in the Fisheries Loan Fund established under Section \1\
742c of this title shall be invested by the Secretary of Commerce in
obligations of the United States, except so much as shall be currently
needed for loans or administrative expenses authorized under the
Fisheries Loan Fund. All accrued proceeds from such investment shall be,
subject to amounts provided in advance by appropriations, credited by
the Secretary of the Treasury to the debt of the Secretary of Commerce
incurred under section 1105(d) of the Merchant Marine Act, 1936 [46 App.
U.S.C. 1275(d)], as amended, in connection with fisheries financing
under title XI of the Merchant Marine Act, 1936 [46 App. U.S.C. 1271 et
seq.], as amended, for so long as such debt exists. All accrued proceeds
from such investment, after such debt has been liquidated, shall be,
subject to amounts provided in advance by appropriations, credited to
the fisheries portion of the Federal Ship Financing Fund established
under section 1102 of the Merchant Marine Act, 1936 [46 App. U.S.C.
1272], as amended, and used for the fisheries purposes provided in title
XI of the Merchant Marine Act, 1936, as amended.
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\1\ So in original. Probably should not be capitalized.
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(Pub. L. 98-498, title IV, Sec. 432, Oct. 19, 1984, 98 Stat. 2310.)
References in Text
The Merchant Marine Act, 1936, referred to in text, is act June 29,
1936, ch. 858, 49 Stat. 1985, as amended. Title XI of the Merchant
Marine Act, 1936, is classified generally to subchapter XI (Sec. 1271 et
seq.) of chapter 27 of Title 46, Appendix, Shipping. For complete
classification of this Act to the Code, see section 1245 of Title 46,
Appendix, and Tables.
