§ 742c. Loans for financing or refinancing of cost of purchasing, constructing, equipping, maintaining, repairing, or operating commercial fishing vessels or gear

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1956

   Aug. 8, 1956, ch. 1036, § 4, 70 Stat. 1121 · 70 Stat. 1121

   Enacted · 16 U.S.C. § 742c

   Aug. 8, 1956, ch. 1036, § 4, 70 Stat. 1121

   Source evidence

   Code source credit
   Aug. 8, 1956, ch. 1036, § 4, 70 Stat. 1121

2. 1958

   Pub. L. 85–888 · 72 Stat. 1710

   Changed · 16 U.S.C. § 742c(c)

   Pub. L. 85–888 increased authorization for $10,000,000 to $20,000,000

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 85–888 increased authorization for $10,000,000 to $20,000,000.

3. 1964

   Commercial Fisheries Research and Development Act of 1964

   Pub. L. 88–309 § 9 · 78 Stat. 197

   Added · 16 U.S.C. § 742c(e)

   Pub. L. 88–309 added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 88–309 added subsec. (e).

   Enacted provision · exact public law section
   Sec. 9. Amend section 4 of the Fish and Wildlife Act of 1956 (70 Stat. 1121) as amended (16 U.S.C. sec. 742c), by adding a new subsection to read as follows: “(e) The Secretary is authorized under such terms and conditions Fishing vessels, chartering. Loans to Alaskan earthquake victims. and pursuant to regulations prescribed by him to use the funds appropriated under this section to make loans to commercial fishermen for the purpose of chartering fishing vessels pending the construction or repair of vessels lost, destroyed, or damaged by the earthquake of March 27, 1964, and subsequent tidal waves related thereto: Provided, That any loans made under this subsection shall only be repaid from the net profits of the operations of such chartered vessels, which profits shall be reduced by such reasonable amount as determined by the Secretary for the salary of the fishermen chartering such vessels. The funds authorized herein shall not be available for such loans after June 30, 1966.”

4. 1965

   Pub. L. 89–85 § 1 · 79 Stat. 261

   1. Substituted · 16 U.S.C. § 742c(a)

      Pub. L. 89–85, § 1, substituted “financing or refinancing of the cost of purchasing, constructing, equipping, maintaining, repairing, or operating new or used commercial fishing vessels or gear” for “financing and refinancing of operations, maintenance, replacement, repair, and equipment of fishing gear and vessels”

   2. Struck · 16 U.S.C. § 742c(a)

      Pub. L. 89–85, § 1, struck out provision for research into basic problems of fisheries

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 89–85, § 1, substituted “financing or refinancing of the cost of purchasing, constructing, equipping, maintaining, repairing, or operating new or used commercial fishing vessels or gear” for “financing and refinancing of operations, maintenance, replacement, repair, and equipment of fishing gear and vessels” and struck out provision for research into basic problems of fisheries.

5. 1965

   Pub. L. 89–85 · 79 Stat. 261

   1. Substituted · 16 U.S.C. § 742c(b)

      Pub. L. 89–85, §§ 2, 3, substituted in par. (1) provision respecting determination of interest rate taking into consideration average market yield on outstanding Treasury obligations of comparable maturity plus additional charge toward coverage of other costs of program for former provision prescribing an interest rate of not less than 3 per centum per annum

   2. Added · 16 U.S.C. § 742c(b)

      Pub. L. 89–85, §§ 2, 3, added pars. (4) to (8), respectively

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 89–85, §§ 2, 3, substituted in par. (1) provision respecting determination of interest rate taking into consideration average market yield on outstanding Treasury obligations of comparable maturity plus additional charge toward coverage of other costs of program for former provision prescribing an interest rate of not less than 3 per centum per annum and added pars. (4) to (8), respectively.

6. 1965

   Pub. L. 89–85 § 4 · 79 Stat. 261

   Changed · 16 U.S.C. § 742c(c)

   Pub. L. 89–85, § 4, extended term for making fisheries loans from June 30, 1965, to June 30, 1970, required Secretary to pay at end of each fiscal year into miscellaneous receipts of the Treasury interest on cumulative amount of appropriations available as capital to fund after July 1, 1965, less average undispersed cash balance in fund during the year, provided formula for determination of rate of interest, and authorized deferral of interest payments but with payment of interest on deferred payments

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 89–85, § 4, extended term for making fisheries loans from June 30, 1965, to June 30, 1970, required Secretary to pay at end of each fiscal year into miscellaneous receipts of the Treasury interest on cumulative amount of appropriations available as capital to fund after July 1, 1965, less average undispersed cash balance in fund during the year, provided formula for determination of rate of interest, and authorized deferral of interest payments but with payment of interest on deferred payments.

   Enacted provision · exact public law section
   Sec. 4. Section 4(c) of the Fish and Wildlife Act of 1956 (70 Stat. 1121), as amended (16 U.S.C. sec. 742c(c)), is amended to read as follows: “(c) There is created a fisheries loan fund, which shall be used by the Secretary as a revolving fund to make loans for financing and refinancing under this section. Any funds received by the Secretary on or before June 30, 1970, in payment of principal or interest on any loans so made shall be deposited in the fund and be available for making additional loans under this section. The Secretary shall pay from the fund into the miscellaneous receipts of the Treasury, at the close of each fiscal year, interest on the cumulative amount of appropriations available as capital to the fund from and after July 1, 1965, less the average undispersed cash balance in the fund during the year. The rate of such interest shall be determined by the Secretary of the Treasury, taking into consideration the average market yield during the month preceding each fiscal year on outstanding Treasury obligations of maturity comparable to the average maturity of loans made from the fund. Interest payments may be deferred with the approval of the Secretary of the Treasury, but any interest payments so deferred shall themselves bear interest. Any funds received in the fisheries loan fund after June 30, 1970, and any balance remaining therein at the close of June 30, 1970 (at which time the fund shall cease to exist), shall be covered into the Treasury as miscellaneous receipts. There is authorized to be appropriated to the fisheries loan fund the sum of $20,000,000 to provide initial capital.”

7. 1970

   Pub. L. 91–279 § 9 · 84 Stat. 307

   Changed · 16 U.S.C. § 742c(b)(2)

   Pub. L. 91–279 provided maturity period of fourteen years for loans for all or part of costs of constructing new fishing vessels

   Source evidence

   Code amendment note
   Subsec. (b)(2). Pub. L. 91–279 provided maturity period of fourteen years for loans for all or part of costs of constructing new fishing vessels.

   Enacted provision · exact public law section
   Sec. 9. Section 4(b) (2) of the Fish and Wildlife Act of 1956 (16 U.S.C. 742e(b) (2)) is amended to read as follows: 70 Stat. 1121. “(2) Mature in not more than ten years, except that where a loan is for all or part of the costs of constructing a new fishing vessel, such period may be fourteen years.”.

8. 1970

   Pub. L. 91–387 § 2 · 84 Stat. 829

   Changed · 16 U.S.C. § 742c(b)(7)

   Pub. L. 91–387, § 2, permitted a national of the United States to be an applicant for a fishery loan

   Source evidence

   Code amendment note
   Subsec. (b)(7). Pub. L. 91–387, § 2, permitted a national of the United States to be an applicant for a fishery loan.

   Enacted provision · exact public law section
   Sec. 2. Section 4(b) of the Fish and Wildlife Act of 1956 (16 U.S.C. Conditions. 742c(b)) is amended by striking out paragraphs (7) and (8) and inserting in lieu thereof the following: “(7) An applicant for a fishery loan must be a citizen or national of U.S. citizen or national. the United States. “(8) Within the meaning of this section, a corporation, partnership, or association shall not be deemed to be a citizen of the United States unless the Secretary determines that it satisfactorily meets all of the requirements set forth in section 2 of the Shipping Act, 1916, as amended, for determining the United States citizenship of a corporation, 41 Stat. 1008; 73 Stat. 597. 46 USC 802. partnership, or association operating a vessel in the coastwise trade. “(9) (A) The nationality of an applicant shall be established to the American Samoa, corporation ownership requirements. satisfaction of the Secretary. Within the meaning of this section, no corporation, partnership, or association organized under the laws of American Samoa shall be deemed a national of the United States unless 75 per centum of the interest therein is owned by nationals of the United States, citizens of the United States, or both, and in the case of a corporation, unless its president or other chief executive officer and the chairman of its board are nationals or citizens of the United States and unless no more of its directors than a minority of the number necessary to constitute a quorum are nonnationals and noncitizens. “(B) Seventy-five per centum of the interest in a corporation shall not be deemed to be owned by nationals of the United States, citizens of the United States, or both, (i) if the title to 75 per centum of its stock is not vested in such nationals and citizens free from any trust or. fiduciary obligation in favor of any person not a national or citizen of the United States; or (ii) if 75 per centum of the voting power in such corporation is not vested in nationals of the United States, citizens of the United States, or both; or (iii) if through any contract or understanding it is so arranged that more than 25 per centum of the voting power may be exercised, directly or indirectly, in behalf of any person who is not a national or citizen of the United States; or (iv) if by any other means whatsoever control of any interest in the corporation in excess of 25 per centum is conferred upon or permitted to be exercised by any person who is not a national or citizen of the United States.”

9. 1970

   Pub. L. 91–387 § 2 · 84 Stat. 829

   Substituted · 16 U.S.C. § 742c(b)(8)

   Pub. L. 91–387, § 2, substituted provision for Secretary’s determination of United States citizenship of a corporation, partnership, or association by satisfactorily meeting all requirements set forth in section 802 of title 46 for determination of citizenship of such entity operating a vessel in coastwise trade, for prior provision for establishment of such citizenship within meaning of section 802 of title 46 to satisfaction of the Secretary

   Source evidence

   Code amendment note
   Subsec. (b)(8). Pub. L. 91–387, § 2, substituted provision for Secretary’s determination of United States citizenship of a corporation, partnership, or association by satisfactorily meeting all requirements set forth in section 802 of title 46 for determination of citizenship of such entity operating a vessel in coastwise trade, for prior provision for establishment of such citizenship within meaning of section 802 of title 46 to satisfaction of the Secretary.

   Enacted provision · exact public law section
   Sec. 2. Section 4(b) of the Fish and Wildlife Act of 1956 (16 U.S.C. Conditions. 742c(b)) is amended by striking out paragraphs (7) and (8) and inserting in lieu thereof the following: “(7) An applicant for a fishery loan must be a citizen or national of U.S. citizen or national. the United States. “(8) Within the meaning of this section, a corporation, partnership, or association shall not be deemed to be a citizen of the United States unless the Secretary determines that it satisfactorily meets all of the requirements set forth in section 2 of the Shipping Act, 1916, as amended, for determining the United States citizenship of a corporation, 41 Stat. 1008; 73 Stat. 597. 46 USC 802. partnership, or association operating a vessel in the coastwise trade. “(9) (A) The nationality of an applicant shall be established to the American Samoa, corporation ownership requirements. satisfaction of the Secretary. Within the meaning of this section, no corporation, partnership, or association organized under the laws of American Samoa shall be deemed a national of the United States unless 75 per centum of the interest therein is owned by nationals of the United States, citizens of the United States, or both, and in the case of a corporation, unless its president or other chief executive officer and the chairman of its board are nationals or citizens of the United States and unless no more of its directors than a minority of the number necessary to constitute a quorum are nonnationals and noncitizens. “(B) Seventy-five per centum of the interest in a corporation shall not be deemed to be owned by nationals of the United States, citizens of the United States, or both, (i) if the title to 75 per centum of its stock is not vested in such nationals and citizens free from any trust or. fiduciary obligation in favor of any person not a national or citizen of the United States; or (ii) if 75 per centum of the voting power in such corporation is not vested in nationals of the United States, citizens of the United States, or both; or (iii) if through any contract or understanding it is so arranged that more than 25 per centum of the voting power may be exercised, directly or indirectly, in behalf of any person who is not a national or citizen of the United States; or (iv) if by any other means whatsoever control of any interest in the corporation in excess of 25 per centum is conferred upon or permitted to be exercised by any person who is not a national or citizen of the United States.”

10. 1970

    Pub. L. 91–387 § 2 · 84 Stat. 829

    Added · 16 U.S.C. § 742c(b)(9)

    Pub. L. 91–387, § 2, added par. (9)

    Source evidence

    Code amendment note
    Subsec. (b)(9). Pub. L. 91–387, § 2, added par. (9).

    Enacted provision · exact public law section
    Sec. 2. Section 4(b) of the Fish and Wildlife Act of 1956 (16 U.S.C. Conditions. 742c(b)) is amended by striking out paragraphs (7) and (8) and inserting in lieu thereof the following: “(7) An applicant for a fishery loan must be a citizen or national of U.S. citizen or national. the United States. “(8) Within the meaning of this section, a corporation, partnership, or association shall not be deemed to be a citizen of the United States unless the Secretary determines that it satisfactorily meets all of the requirements set forth in section 2 of the Shipping Act, 1916, as amended, for determining the United States citizenship of a corporation, 41 Stat. 1008; 73 Stat. 597. 46 USC 802. partnership, or association operating a vessel in the coastwise trade. “(9) (A) The nationality of an applicant shall be established to the American Samoa, corporation ownership requirements. satisfaction of the Secretary. Within the meaning of this section, no corporation, partnership, or association organized under the laws of American Samoa shall be deemed a national of the United States unless 75 per centum of the interest therein is owned by nationals of the United States, citizens of the United States, or both, and in the case of a corporation, unless its president or other chief executive officer and the chairman of its board are nationals or citizens of the United States and unless no more of its directors than a minority of the number necessary to constitute a quorum are nonnationals and noncitizens. “(B) Seventy-five per centum of the interest in a corporation shall not be deemed to be owned by nationals of the United States, citizens of the United States, or both, (i) if the title to 75 per centum of its stock is not vested in such nationals and citizens free from any trust or. fiduciary obligation in favor of any person not a national or citizen of the United States; or (ii) if 75 per centum of the voting power in such corporation is not vested in nationals of the United States, citizens of the United States, or both; or (iii) if through any contract or understanding it is so arranged that more than 25 per centum of the voting power may be exercised, directly or indirectly, in behalf of any person who is not a national or citizen of the United States; or (iv) if by any other means whatsoever control of any interest in the corporation in excess of 25 per centum is conferred upon or permitted to be exercised by any person who is not a national or citizen of the United States.”

11. 1970

    Pub. L. 91–387 § 1 · 84 Stat. 829

    Substituted · 16 U.S.C. § 742c(c)

    Pub. L. 91–387, § 1, extended term for making fisheries loans, substituting “June 30, 1980” for “June 30, 1970” wherever appearing

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 91–387, § 1, extended term for making fisheries loans, substituting “June 30, 1980” for “June 30, 1970” wherever appearing.

12. 1976

    Fiscal Year Adjustment Act

    Pub. L. 94–273 § 2(8) · 90 Stat. 375

    Substituted · 16 U.S.C. § 742c(c)

    Pub. L. 94–273 substituted “September” for “June” wherever appearing

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 94–273 substituted “September” for “June” wherever appearing.

    Enacted provision · exact public law section
    (8) section 4(c) of the Fish and Wildlife Act of 1956 (70 Stat. 1121), as amended (16 U.S.C. 742c (c));

13. 1980

    Act to Prevent Pollution from Ships

    Pub. L. 96–478 § 16(a) · 94 Stat. 2297

    1. Substituted · 16 U.S.C. § 742c(c)

       Pub. L. 96–478 substituted “September 30, 1982” for “September 30, 1980” wherever appearing

    2. Struck · 16 U.S.C. § 742c(c)

       Pub. L. 96–478 struck out interest payment provisions respecting, payment at close of each fiscal year from fisheries loan fund into miscellaneous receipts of the Treasury on cumulative amount of appropriations available as capital to the fund from and after July 1, 1965, less average undispersed balance in the fund during the year, determination of interest rate on basis of average market yield during month preceding each fiscal year on outstanding Treasury obligations of maturity comparable to average maturity of loans made from the fund, and interest payment deferrals approved by the Secretary of the Treasury subject to interest on deferred amounts

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 96–478 substituted “September 30, 1982” for “September 30, 1980” wherever appearing and struck out interest payment provisions respecting, payment at close of each fiscal year from fisheries loan fund into miscellaneous receipts of the Treasury on cumulative amount of appropriations available as capital to the fund from and after July 1, 1965, less average undispersed balance in the fund during the year, determination of interest rate on basis of average market yield during month preceding each fiscal year on outstanding Treasury obligations of maturity comparable to average maturity of loans made from the fund, and interest payment deferrals approved by the Secretary of the Treasury subject to interest on deferred amounts.

    Enacted provision · exact public law section
    (a) Subsection (c) of section 4 of the Act of 1956 (16 U.S.C. 742c(c)) is amended— (1) by striking out “September 30, 1980,” each place it appears therein and inserting in lieu thereof “September 30, 1982,”; and (2) by striking out the third, fourth, and fifth sentences thereof.

    Effective date note
    Pub. L. 96–478, § 16(b), Oct. 21, 1980, 94 Stat. 2304, provided that: “The amendments made by subsection (a) [amending this section] shall take effect on September 1, 1980.”

14. 1982

    Pub. L. 97–347 § 1 · 96 Stat. 1652

    Substituted · 16 U.S.C. § 742c(c)

    Pub. L. 97–347 substituted “September 30, 1983” for “September 30, 1982” wherever appearing

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 97–347 substituted “September 30, 1983” for “September 30, 1982” wherever appearing.

15. 1983

    Pub. L. 98–44 title I § 103(a)(1) · 97 Stat. 216

    Substituted · 16 U.S.C. § 742c(c)

    Pub. L. 98–44 substituted “September 30, 1984” for “September 30, 1983” wherever appearing

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 98–44 substituted “September 30, 1984” for “September 30, 1983” wherever appearing.

    Enacted provision · exact public law section
    (1) by striking out “September 30, 1983” each place it appears 96 Stat. 1652. 16 USC 742c. in section 4(c) and inserting in lieu thereof “September 30, 1984”; and

16. 1984

    Pub. L. 98–498 title IV § 430(1) · 98 Stat. 2296

    Substituted · 16 U.S.C. § 742c(c)

    Pub. L. 98–498 substituted “September 30, 1986” for “September 30, 1984” wherever appearing

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 98–498 substituted “September 30, 1986” for “September 30, 1984” wherever appearing.

    Enacted provision · exact public law section
    (1) by striking out “September 30, 1984” each place it appears 16 USC 742c. in section 4(c) and inserting in lieu thereof “September 30, 1986”; and

17. 1986

    Pub. L. 99–659 title IV § 409 · 100 Stat. 3706

    1. Amended · 16 U.S.C. § 742c(c)

       Pub. L. 99–659 amended third sentence generally

    2. Struck · 16 U.S.C. § 742c(c)

       Pub. L. 99–659 striking out “and any balance remaining therein at the close of September 30, 1986 (at which time the fund shall cease to exist),” after “1986,”

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 99–659 amended third sentence generally, striking out “and any balance remaining therein at the close of September 30, 1986 (at which time the fund shall cease to exist),” after “1986,”.

    Enacted provision · exact public law section
    SEC. 409. FISHERIES LOAN FUND. The third sentence of section 4(c) of the Fish and Wildlife Act of 1956 (16 U.S.C. 742(c)) is amended to read as follows: “Any funds received in the fisheries loan fund after September 30, 1986, shall be covered into the Treasury as miscellaneous receipts.”.

13 of 21 references resolved to an enrolled provision · 8 partial