[Code of Federal Regulations]
[Title 46, Volume 2]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 46CFR67.36]

[Page 348]
 
                           TITLE 46--SHIPPING
 
   CHAPTER I--COAST GUARD, DEPARTMENT OF HOMELAND SECURITY (CONTINUED)
 
PART 67_DOCUMENTATION OF VESSELS--Table of Contents
 
       Subpart C_Citizenship Requirements for Vessel Documentation
 
Sec. 67.36  Trust.

    (a) For the purpose of obtaining a registry or recreational 
endorsement, a trust arrangement meets citizenship requirements if:
    (1) Each of its trustees is a citizen; and
    (2) Each beneficiary with an enforceable interest in the trust is a 
citizen.
    (b) For the purpose of obtaining a fishery endorsement, a trust 
arrangement meets citizenship requirements if:
    (1) It meets all the requirements of paragraph (a) of this section; 
and
    (2) At least 75 percent of the equity interest in the trust, at each 
tier of the trust and in the aggregate, is owned by citizens.
    (c) For the purpose of obtaining a coastwise or Great Lake 
endorsement or both, a trust arrangement meets citizenship requirements 
if:
    (1) It meets the requirements of paragraph (a) of this section and 
at least 75 percent of the equity interest in the trust is owned by 
citizens; or
    (2) It meets the requirements of Sec. 67.20.

[CGD 94-008, 59 FR 49846, Sept. 30, 1994, as amended by USCG-1999-6095, 
65 FR 76576, Dec. 7, 2000; USCG-2001-8825, 69 FR 5401, Feb. 4, 2004]