federal ship mortgage insurance fund

federal ship mortgage insurance fund The Secretary of Commerce is authorized to advance to this account from the “Vessel operations revolving fund” (46 U. S. C. 1241a), such amounts as may be required for the payment, pursuant to section 1105 of the Merchant Marine Act, 1936, as amended (46 U. S. C. 1275), of unpaid principal amounts of defaulted mortgages and loans and of unpaid interest thereon: Provided, That such advances shall be repaid to the “Vessel operations revolving fund” as soon as practicable consistent with the status of this account: Provided further, That the total advances outstanding at any one time shall not exceed $10,000,000.