H.R.3164 - 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.99th Congress (1985-1986)
|Sponsor:||Rep. Biaggi, Mario [D-NY-19] (Introduced 08/01/1985)|
|Committees:||House - Merchant Marine and Fisheries|
|Latest Action:||House - 08/21/1985 Referred to Subcommittee on Merchant Marine. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.3164 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in House (08/01/1985)
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 that a change in control of a corporation is contrary to the public interest.
Allows any director of a corporation in office before a change in control to request the Secretary to hold a hearing to determine if the change is consistent with the purpose of the capital fund construction agreement. Authorizes the Secretary to terminate such agreement if, in the hearing, it is determined that such change in control is inconsistent with the purposes of the agreement.
Directs the Secretary to terminate such an agreement when a nonqualified withdrawal is made from such fund within three years after a change in control, and a hearing determines that such withdrawal is not consistent with the purposes of the agreement.
Imposes penalties for the termination of such agreements.