[PUBLIC LAW 87-401] [87TH CONGRESS, S. 1728] [OCTOBER 5, 1961] AN ACT To amend section 510 of the Merchant Marine Act, 1936, to provide for the trade-in of obsolete vessels in connection with the construction of new vessels, either at the time of executing the construction contract or at the time of delivery of the new vessel. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 510 of the Merchant Marine Act, 1936 (46 U.S.C. 1160), is amended by: (1) Striking the present subsection (b) and inserting in lieu thereof the following: "(b) In order to promote the construction of new, safe, and efficient vessels to carry the domestic and foreign waterborne commerce of the United States, the Commission is authorized, subject to the provisions of this section, to acquire any obsolete vessel in exchange for an allowance of credit. The obsolete vessel shall be acquired by the Commission, if the owner so requests, either at the time the owner contracts for the construction or purchase of a new vessel or within five days of the actual date of delivery of the new vessel to the owner. The amount of the allowance shall be determined at the time of the acquisition of the obsolete vessel by the Commission. In the event the obsolete vessel is acquired by the Commission at the time the owner contracts for the construction or purchase of the new vessel, the allowance shall not be paid to the owner of the obsolete vessel, but shall be applied upon the purchase price of a new vessel. In the case of a new vessel constructed under the provisions of this Act, such allowance may, under such terms and conditions as the Commission may prescribe, be applied upon the cash payments required under this Act. In case the new vessel is not constructed under the provisions of this Act, the allowance shall, upon acquisition of the obsolete vessel by the Commission, be paid, for the account of the owner, to the shipbuilder constructing such new vessel. In the event that title to the obsolete vessel is acquired by the Commission at the time of delivery of the new vessel, the allowance shall be deposited in the owner's capital reserve fund. This subsection shall apply to obsolete vessels exchanged for new vessels hereafter contracted to be built, or eligible for such exchange but not exchanged in connection with a contract for new vessels executed prior to October 1, 1960." 75 Stat. 833. Merchant 1936, amend ment. Obsolete ves sels, trade-in. 53 Stat. 1183. Allowance. Determination of amount. 46 U.S.C. 1160. 75 Stat. 833. 76 Stat. 740. War risk insurance fund. Investment. 64 Stat. 775. (2) Striking the present subsection (d) and inserting in lieu thereof the following: "(d) The allowance for an obsolete vessel shall be the fair and reasonable value of such vessel as determined by the Commission. In making such determination the Commission shall consider: (1) the scrap value of the obsolete vessel both in American and foreign markets, (2) the depreciated value based on a twenty or twentyfive year life, whichever is applicable to the obsolete vessel, and (3) the market value thereof for operation in the world trade or in the foreign or domestic trade of the United States. In the event the obsolete vessel is acquired by the Commission at the time the owner contracts for the construction of the new vessel, and the owner uses such vessel during the period of construction of the new vessel, the allowance shall be reduced by an amount representing the fair value of such use. The rate for the use of the obsolete vessel shall be fixed by the Commission for the entire period of such use at the time of execution of the contract for the construction of the new vessel." Approved October 5, 1961. [PUBLIC LAW 87-743] [87TH CONGRESS, H.R. 11728] [OCTOBER 3, 1962] AN ACT To amend section 1208 (a) of the Merchant Marine Act, 1936, to authorize investment of the war risk insurance fund in securities of, or guaranteed by, the United States. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 1208 (a) of the Merchant Marine Act, 1936 (46 U.S.C. 1288 (a)), is amended by inserting at the end thereof the following: "Upon the request of the Secretary of Commerce, the Secretary of the Treasury may invest or reinvest all or any part of the fund in securities of the United States or in securities guaranteed as to principal and interest by the United States. The interest and benefits accruing from such securities shall be deposited to the credit of the fund." Approved October 3, 1962. [PUBLIC LAW 87-755] [87TH CONGRESS, H.R. 10022] [OCTOBER 5, 1962] AN ACT To amend section 510(a)(1), Merchant Marine Act, 1936. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the proviso in section 510 (a) (1), of the Merchant Marine Act, 1936, is amended to read as follows: "Provided, That until June 30, 1964, the term 'obsolete vessel' shall mean a vessel or vessels, each of which (A) is of not less than one thousand three hundred and fifty gross tons, (B) is not less than twelve years old, and (C) is owned by a citizen or citizens of the United States and has been owned by such citizen or citizens for at least three years immediately prior to the date of acquisition hereunder." Approved October 5, 1962. [PUBLIC LAW 87-782] [87TH CONGRESS, S. 3396] [OCTOBER 10, 1962] AN ACT To amend section 511 (h) of the Merchant Marine Act, 1936, as amended, in order to extend the time for commitment of construction reserve funds. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the proviso at the end of section 511 (h) of the Merchant Marine Act, 1936, as amended, is amended to read as follows: "Provided, That until January 1, 1963, in addition to the extensions hereinbefore permitted, further extensions may be granted ending not later than December 31, 1963." SEC. 2. The amendment made by the first section of this Act shall take effect December 31, 1962, or on the date of enactment of this Act, whichever date first occurs. Approved October 10, 1962. 76 Stat. 1074. Mobile trade fairs. [PUBLIC LAW 87-839] [87TH CONGRESS, S. 3389] [OCTOBER 18, 1962] AN ACT To amend the Merchant Marine Act, 1936, to develop American flag carriers and promote the foreign commerce of the United States through the use of mobile trade fairs. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That title II of the Merchant Marine Act, 1936, as amended (46 U.S.C. 1101 et seq.), is amended by 46 U.S.C. 1111, adding immediately after section 212(A) thereof (46 U.S.C. 1122a) the following new section: 49 Stat. 1985. 70 Stat. 332. Appropriation. Foreign currencies. Report to 72 Stat. 1790. 7 U.S.C. 1704. "SEC. 212. (B) (a) The Secretary of Commerce shall encourage and promote the development and use of mobile trade fairs which are designed to show and sell the products of United States business and agriculture at foreign ports and at other commercial centers throughout the world where the operator or operators of the mobile trade fairs exclusively use United States flag vessels and aircraft in the transportation of their exhibits. "(b) The Secretary of Commerce is authorized to provide to the operator or operators of such mobile trade fairs technical assistance and support as well as financial assistance for the purpose of defraying certain expenses incurred abroad, when the Secretary determines that such operations provide an economical and effective means of promoting export sales. "(c) There is authorized to be appropriated not to exceed $500,000 per fiscal year for each of the three fiscal years during the period beginning July 1, 1962, and ending June 30, 1965. In addition to such appropriated sums, the President shall make maximum use of foreign currencies owned by or owed to the United States to carry out the purposes of this section. "(d) The Secretary of Commerce shall submit annually to the Congress a report on his activities under this Act." SEC. 2. Section 104 (m) of the Agricultural Trade Development and Assistance Act of 1954, as amended, is amended by inserting immediately before", and (B)" the following: "or section 212 (B) of the Merchant Marine Act, 1936". Approved October 18, 1962. [PUBLIC LAW 87-877] [87TH CONGRESS, H.R. 11586] [OCTOBER 24, 1962] AN ACT To amend section 502 of the Merchant Marine Act, 1936, as amended, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 502(b) of the Merchant Marine Act, 1936, as amended (46 U.S.C. 1152(b)), is hereby further amended to read as follows: "(b) The amount of the reduction in selling price which is herein termed 'construction differential subsidy' may equal, but not exceed, the excess of the bid of the shipbuilder constructing the proposed vessel (excluding the cost of any features incorporated in the vessel for national defense uses, which shall be paid by the Secretary in addition to the subsidy), over the fair and reasonable estimate of cost, as determined by the Secretary of the construction of the proposed vessel if it were construced under similar plans and specifications (excluding national defense features as above provided) in a foreign shipbuilding center which is deemed by the Secretary to furnish a fair and representative example for the determination of the estimated foreign cost of construction of vessels of the type proposed to be constructed. The construction differential approved and paid by the Secretary shall not exceed 55 per centum of the construction cost of the vessel, except that in the case of reconstruction or reconditioning of a passenger vessel having the tonnage, speed, passenger accommodations and other characteristics set forth in section 503 of this Act, the construction differential approved and paid shall not exceed 60 per centum of the reconstruction or reconditioning cost (excluding the cost of national defense features as above provided): Provided, however, That after June 30, 1964, the construction differential approved by the Secretary shall not exceed in the case of the construction, reconstruction or reconditioning of any vessel, 50 per centum of such cost. When the Secretary finds that the construction differential in any case exceeds the foregoing applicable percentage of such cost, the Secretary may negotiate and contract on behalf of the applicant to construct, reconstruct, or recondition such vessel in a domestic shipyard at a cost, which will reduce the construction differential to such applicable percentage or less. In the event that the Secretary has reason to believe that the bidding in any instance is collusive, he shall report all of the evidence on which he acted (1) to 59-015 0-66- -18 |