§55335. Revocations and terminations of designations — Inbound Citations

Citations to 46 U.S.C. § 55335 as a whole

• 46 U.S.C. § 55332(b)

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  (b) A vessel may be designated as an American Great Lakes vessel only if the person that will be the owner of the vessel at the time of the designation makes an agreement with the Secretary providing that if the Secretary determines that the vessel is necessary to the defense of the United States, the United States Government will have an exclusive right, during the 120-day period following the date of a revocation of the designation under section 55335 of this title, to purchase the vessel for a price equal to the greater of—

  (1) the approximate world market value of the vessel; or

  (2) the cost of the vessel to the owner less a reasonable amount for depreciation.
• 46 U.S.C. § 55336

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  After notice and an opportunity for a hearing, the Secretary of Transportation may impose a civil penalty of not more than $1,000,000 on the owner of an American Great Lakes vessel for any act for which the designation may be revoked under section 55335 of this title.