[Code of Federal Regulations]
[Title 50, Volume 7]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 50CFR296.3]

[Page 699]
 
                    TITLE 50--WILDLIFE AND FISHERIES
 
  CHAPTER II--NATIONAL MARINE FISHERIES SERVICE, NATIONAL OCEANIC AND 
           ATMOSPHERIC ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 296_FISHERMEN'S CONTINGENCY FUND--Table of Contents
 
Sec. 296.3  Fishermen's contingency fund.

    (a) General. There is established in the Treasury of the United 
States the Fishermen's Contingency Fund. The Fund is available without 
fiscal year limitation as a revolving fund to carry out the purposes of 
title IV of the Outer Continental Shelf Lands Act Amendments of 1978, as 
amended.
    (b) Payments into the fund. Each Holder of an exploration permit, 
lease, easement, or rights-of-way for the construction of a pipeline, or 
a prelease exploration drilling permit issued or maintained under the 
Outer Continental Shelf Lands Act, in effect on or after June 30, 1982, 
shall pay assessments to the Fund. All pipeline right-of-way and 
easements are to be included for assessment except those constructed and 
operated lines within the confines of a single lease or group of 
contiguous leases under unitized operation or single operator. Payments 
will not be required for geological or geophysical permits, other than 
prelease exploratory drilling permits issued under section 11 of the 
Outer Continental Shelf Lands Act (43 U.S.C. 1340).
    (1) Assessments to maintain the fund. When the total amount in the 
Fund is less than the Chief, FSD, determines is needed to pay Fund 
claims and expenses, the Chief, FSD, will notify the Secretary of the 
Interior that additional assessments are needed.
    (2) Billing and collections. The Secretary of the Interior will 
calculate the amounts to be paid by each Holder and shall notify each 
Holder of the dollar amount and the time and place for all payments. 
Each assessment shall be paid to the Secretary of the Interior no later 
than 45 days after the Secretary of the Interior sends notice of the 
assessment.
    (3) Annual assessment limits. No Holder shall be required to pay in 
excess of $5,000 for any lease, permit, easement or right-of-way in any 
calendar year.
    (c) Moneys recovered through subrogation. Any moneys recovered by 
the Secretary through the subrogation of a claimant's rights shall be 
deposited into the Fund.
    (d) Investments of the fund. Excess sums in the Fund will be 
invested in obligations of, or guaranteed by, the United States. Revenue 
from such investments shall be deposited in the Fund.
    (e) Litigation. The Fund may sue and be sued in its own name.