To amend the Act of June 7, 1897, as amended, and section 4233 of the Revised Statutes, as amended, with respect to lights for vessels towing or being overtaken. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That article 3 of Vessel section 1 of the Act of June 7, 1897, as amended (30 Stat. 97, as lights. amended; U. S. C., 1952 edition, title 33, sec. 173), is amended to read as follows: "ART. 3. (a) A steam vessel when towing another vessel or vessels alongside or by pushing ahead shall, in addition to her side lights, carry two bright white lights in a vertical line, one over the other, not less than three feet apart, and when towing one or more vessels astern, regardless of the length of the tow, shall carry an additional bright white light three feet above or below such lights. Each of these lights shall be of the same construction and character, and shall be carried in the same position as the white light mentioned in article 2 (a) or the after range light mentioned in article 2 (f). Vessel towing another. "(b) A steam vessel carrying towing lights the same as the white Vessel light mentioned in article 2 (a), when pushing another vessel or pushing vessels ahead, shall also carry at or near the stern two bright amber another. lights in a vertical line, one over the other, not less than three feet apart; each of these lights shall be so constructed as to show an unbroken light over an arc of the horizon of twelve points of the compass, so fixed as to show the light six points from right aft on each side of the vessel, and of such a character as to be visible at a distance of at least two miles. A steam vessel carrying towing lights the same as the white light mentioned in article 2 (a) may also carry, irrespective of the position of the tow, the after range light mentioned in article 2 (f); however, if the after range light is carried by such a vessel when pushing another vessel or vessels ahead, the amber lights shall be carried in a vertical line with and at least three feet lower than the after range light. A steam vessel carrying towing lights the same as the white light mentioned in article 2 (a), when towing one or more vessels astern, may also carry, in lieu of the stern light specified in article 10, a small white light abaft the funnel or aftermast for the tow to steer by, but such light shall not be visible forward of the beam." SEC. 2. Article 10 of section 1 of the Act of June 7, 1897, as amended (30 Stat. 98; U. S. C., 1952 edition, title 33, sec. 179), is amended to read as follows: underway. "ART. 10. (a) A vessel when underway, if not otherwise required Vessel by these rules to carry one or more lights visible from aft, shall carry at her stern a white light, so constructed that it shall show an unbroken light over an arc of the horizon of twelve points of the compass, so fixed as to show the light six points from right aft on each side of the vessel, and of such a character as to be visible at a distance of at least two miles. Such light shall be carried as nearly as practicable on the same level as the side lights. "(b) In a small vessel, if it is not possible on account of bad weather Small or other sufficient cause for this light to be fixed, an electric torch or vessel. a lighted lantern shall be kept at hand ready for use and shall, on the approach of an overtaking vessel, be shown in sufficient time to prevent collision." 72 Stat. 590. SEC. 3. Section (d) of Rule Numbered 3 of section 4233 of the 72 Stat. 591. Revised Statutes of the United States, as amended (U. S. C., 1952 edition, title 33, sec. 312), is amended to read as follows: 62 Stat. 250. Vessel towing another. 62 Stat. 250. Vessel underway. Small vessel. (d) At or near the stern, where they can best be seen, two amber lights in a vertical line, one over the other, not less than three feet apart, of such a character as to be visible from aft for a distance of at least two miles, and so screened as not to be visible forward of the beam." SEC. 4. Rule Numbered 10 of section 4233 of the Revised Statutes of the United States, as amended (U. S. C., 1952 edition, title 33, sec. 319), is amended to read as follows: "Rule Numbered 10. (a) A vessel when under way, if not otherwise required by these rules to carry one or more lights visible from aft, shall carry at her stern a white light, so constructed that it shall show an unbroken light over an arc of the horizon of twelve points of the compass, so fixed as to show the light six points from right aft on each side of the vessel, and of such a character as to be visible at a distance of at least two miles. Such light shall be carried as nearly as practicable on the same level as the side lights. "(b) In a small vessel, if it is not possible on account of bad weather or other sufficient cause for this light to be fixed, an electric torch or a lighted lantern shall be kept at hand ready for use and shall, on the approach of an overtaking vessel, be shown in sufficient time to prevent collision." Approved August 14, 1958. 85th Congress, S. 2255 AN ACT 72 Stat. 592. To amend section 607 (d) of the Merchant Marine Act, 1936, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 607 of Merchant Marine the Merchant Marine Act, 1936, as amended (46 U. S. C. 1177), is Act of 1936, amended by inserting at the beginning of the first two paragraphs of amendment. subsection (d) thereof the designations "(1)" and "(2)", respectively, 49 Stat. 2005. and by inserting at the end of such subsection (d) the following new subdivisions: "(3) (A) Upon application of the contractor, the Secretary of Investment of Commerce, in his discretion, may permit the contractor to transfer contractor's not exceeding 50 per centum of his capital reserve fund and 50 per funds. centum of his special reserve fund to a trustee which is incorporated as a bank or trust company under the laws of the United States, or of any State, and which is approved by the Secretary of Commerce, in trust nevertheless for the benefit of the contractor and of the United States as their interests are stated in this section (1) to hold in separate trusts the principal of the capital and special reserve funds so transferred, one trust for the capital reserve fund and one trust for the special reserve fund; (2) to invest and reinvest the principal of such trusts in such common stocks of corporations organized and existing under the laws of the United States or of the District of Columbia or of any State of the United States which are currently fully listed and registered upon an exchange registered with the Securities and Exchange Commission as a national securities exchange, and which would be acquired by prudent men of discretion and intelligence in such matters who are seeking a reasonable income and the preservation of their capital; (3) to accumulate the income from the capital reserve fund trust in such trust, to pay the income from the special reserve fund trust into the capital reserve fund trust, and to invest and reinvest such income in common stocks in which the trustee is authorized to invest principal under this subdivision (3); and (4) to pay to the contractor and the Secretary of Commerce, as trustees of the special reserve fund and the capital reserve fund, after reasonable notice, from the principal and accumulated income of the trusts such amounts, in cash, as the contractor and the Secretary of Commerce direct. "(B) Consent by the contractor to an investment which is not authorized by this subdivision (3) shall not be a defense to the trustee. Such common stock trusts shall be revocable by the Secretary of Commerce at any time and upon notice of the revocation, the common stock trustee shall reduce the principal and accumulated income of such trusts to cash and shall pay such cash to the contractor and the Secretary of Commerce as trustees of the capital reserve fund and special reserve fund. In the administration of such common stock trusts, capital gains, stock dividends, and rights to purchase stock shall be considered principal; cash dividends, whenever earned, shall be considered income. At the end of the contractor's recapture period, however, after satisfaction of the contractor's recapture obligations, an amount of the special reserve fund trust equal to the value of the capital gains made (whether realized or not), the stock dividends declared, and the rights to purchase stock issued to the special reserve fund trust during such recapture period, to the extent the special reserve fund trust contains this amount, shall be transferred (in cash or in stock) to the capital reserve fund trust. For the purpose of deter 72 Stat. 593. mining the 50 per centum of the capital reserve fund and the special reserve fund the transfer of which to a common stock trust the Secretary of Commerce may approve, the market value of each such fund as of the date of such transfer shall be used. The common stock trusts authorized by this subdivision (3) shall at all times remain a part of the capital reserve fund and the special reserve fund. "(C) If immediately before a deposit is made in a capital or special reserve fund, 50 per centum or more of the value of such fund is invested in common stock, the Secretary of Commerce is authorized to approve, upon application of the contractor, the transfer of not exceeding 50 per centum of such deposit to the common stock trustee upon the trusts authorized in this subdivision (3). When payments are made, or funds are withdrawn, from a capital reserve fund or a special reserve fund, as authorized in this section, if 50 per centum or more of the value of such capital reserve fund or special reserve fund, as of the date of such payment or withdrawal, is invested in common stocks, such payment or withdrawal shall be made from the common stock trust in the proportion that the value of such common stock trust bears to the value of the entire capital reserve fund or special reserve fund. If, however, less than 50 per centum of the value of such capital or special reserve fund, as of the date of such payment or withdrawal, is invested in common stocks, the Secretary of Commerce is authorized, upon application by the contractor, to approve the allocation of the payment or withdrawal entirely to the portion of such capital or special reserve fund not invested in common stocks, or to approve the allocation of such payment or withdrawal between the common stock trust and the remainder of such capital or special reserve fund in any proportion, so long as the value of the common stock trust immediately after such withdrawal does not exceed 50 per centum of the value of such capital or special reserve fund, and if the contractor makes no such application or if the allocation requested in such application is not approved by the Secretary of Commerce, then such payment or withdrawal shall be allocated in the manner above provided for when the value of the common stock trust is 50 per centum or more of the value of the entire capital reserve fund or special reserve fund. "(D) Trust indentures executed under the authority of this subdivision (3) may contain such other terms and conditions not inconsistent with this subdivision (3), as the Secretary of Commerce determines are desirable to protect the interests of the United States. The authority of the Secretary of Commerce to grant approvals, give directions, make determinations, and make regulations under this subdivision (3), and to act as trustee of the capital reserve fund and special reserve fund under this section may be delegated to the Maritime Administrator." Approved August 14, 1958. To amend the Act of June 7, 1897, as amended, and section 4233A of the Revised Statutes, so as to authorize the Secretary of the Treasury to prescribe day signals for certain vessels, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That sections 2, 3, Vessels. and 4 of the Act of June 7, 1897, as amended (30 Stat. 102; 33 U. S. C. Day signals. 157, 158, and 159) are further amended to read as follows: "SEC. 2. (a) The Secretary of the Department in which the Coast Guard is operating shall establish such rules to be observed, on the waters described in section 1 of this Act, by steam vessels in passing each other and as to the lights and day signals to be carried on such waters by ferryboats, by vessels and craft of all types when in tow of steam vessels or operating by hand power or horsepower or drifting with the current, and by any other vessels not otherwise provided for, not inconsistent with the provisions of this Act, as he from time to time may deem necessary for safety, which rules are hereby declared special rules duly made by local authority. A pamphlet containing such Act and regulations shall be furnished to all vessels and craft subject to this Act. On vessels and craft over sixty-five feet in length the pamphlet shall, where practicable, be kept on board and available for ready reference. "(b) Except in an emergency, before any rules or any altera- Publication tion, amendment, or repeal thereof, are established by the Secretary of proposed under the provisions of this section, the said Secretary shall publish rules, etc. the proposed rules, alterations, amendments, or repeals, and public hearings shall be held with respect thereto on such notice as the Secretary deems reasonable under the circumstances. "SEC. 3. Every licensed and unlicensed pilot, engineer, mate, or Persons master of any vessel who violates the provisions of this Act or the liable. regulations established pursuant hereto shall be liable to a penalty of not exceeding $500, and for all damages sustained by any passenger, in his person or baggage, as a result of such violation: Provided, That nothing herein shall relieve any vessel, owner, or corporation from any liability incurred by reason of such violation. "SEC. 4. Every vessel which is navigated in violation of any of the Vessels provisions of this Act or the regulations established pursuant hereto liable. shall be liable to a penalty of $500, one-half to go to the informer, for which sum such vessel may be seized and proceeded against by action in any district court of the United States having jurisdiction of the offense." SEC. 2. Section 4233A of the Revised Statutes (33 U. S. C. 353) is 62 Stat. 250. amended to read as follows: "SEC. 4233A. (a) The Secretary of the Department in which the Regulations Coast Guard is operating shall establish such rules to be observed, on furnished to the waters described in section 4233, by steam vessels in passing each vessels. other and as to the lights and day signals to be carried on such waters by ferryboats, by vessels and craft of all types when in tow of steam vessels or operating by hand power or horsepower or drifting with the current, and by any other vessels not otherwise provided for, not inconsistent with the provisions of this Act, as he from time to time may deem necessary for safety, which rules are hereby declared special rules duly made by local authority. A pamphlet containing such Act and regulations shall be furnished to all vessels and craft subject to this Act. On vessels and craft over sixty-five feet in length the 62555 O-60-53 |