---
kind: "section"
citation: "46 U.S.C. § 53302"
title: "46"
title_heading: "Shipping"
number: "53302"
heading: "Authority for construction reserve funds"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/46/53302"
units:
  - "Subtitle V — Merchant Marine"
  - "Part C — Financial Assistance Programs"
  - "Chapter 533 — Construction Reserve Funds"
---

# §53302. Authority for construction reserve funds

- (a) **General Authority.—** An eligible [person](/usc/46/53101.md?p=6) under [section 53303 of this title](/usc/46/53303.md) may establish a [construction](/usc/46/53701.md?p=3) reserve fund for the [construction](/usc/46/53701.md?p=3), [reconstruction](/usc/46/53701.md?p=3), [reconditioning](/usc/46/53701.md?p=3), or acquisition of a [new vessel](/usc/46/53301.md?p=a-2) or for other purposes authorized by this chapter.
- (b) **Application of Certain Laws and Regulations.—** The fund shall be established, maintained, expended, and used as provided by this chapter and regulations prescribed jointly by the [Secretary](/usc/46/53101.md?p=8) of Transportation and the [Secretary](/usc/46/53101.md?p=8) of the Treasury.

## Source credit

(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1587.)

## Notes

| Historical and Revision Notes |  |  |
| --- | --- | --- |
| Revised<br>Section | Source (U.S. Code) | Source (Statutes at Large) |
| 53302(a) | 46 App.:1161(b) (1st sentence words before 6th comma and between 10th and 16th commas). | June 29, 1936, ch. 858, title V, § 511(b) (1st sentence words before 6th comma and between 10th and 16th commas, last sentence), as added Oct. 10, 1940, ch. 849, 54 Stat. 1106; June 17, 1943, ch. 130, subdiv. (a), 57 Stat. 157; July 17, 1952, ch. 939, § 9, 66 Stat. 762; Pub. L. 97–31, § 12(92)(A), Aug. 6, 1981, 95 Stat. 161. |
| 53302(b) | 46 App.:1161(b) (last sentence). |  |

In subsection (a), the words “necessary to carrying out the policy set forth in section 1101 of this Appendix” are omitted as unnecessary.