cfr_sections: 46:46:8.0.1.11.32.0.12.2

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section_id	title_number	title_name	chapter	subchapter	part_number	part_name	subpart	subpart_name	section_number	section_heading	agency	authority	source_citation	amendment_citations	full_text
46:46:8.0.1.11.32.0.12.2	46	Shipping	II	J	351	PART 351—DEPOSITORIES			351.2	§ 351.2 Qualification of depository.	FMC	Sec. 204, 49 Stat. 1987, as amended; 46 U.S.C. 1114.		[38 FR 8061, Mar. 28, 1973, as amended at 63 FR 55039, Oct. 14, 1998]	(a) General qualification. Any depository which is a member of the Federal Deposit Insurance Corporation will be approved for deposit of funds under the maritime programs authorized by the Act. With respect to the Capital Construction Fund program, any depository which is a member of the Securities Investor Protection Corporation, and is organized as a corporation under the laws of the United States, any State, territory, or possession thereof or the District of Columbia, will also be approved for the deposit of funds. (b) Limitation on amount of deposits. No person making deposits under the programs authorized by the Act shall make or maintain deposits which exceed 5 percent of the depository's total deposits.