46 C.F.R. § 404.105
Current through September 30, 2024
The Director calculates each pilotage association's allowed base working capital fund by adding the projected adjusted operating expenses from § 404.102 and the total target pilot compensation from § 404.104 of this part, multiplied by the preceding year's average annual rate of return for new issues of high grade corporate securities.
46 C.F.R. §404.105