Page:United States Statutes at Large Volume 110 Part 6.djvu/149

 PUBLIC LAW 104-324—OCT. 19, 1996 110 STAT. 3971 (D) in paragraph (4) by striking "transfers, or mortgages" and inserting "or transfers". (d) LEASING.—Section 12106 of title 46, United States Code, is amended by adding at the end the following: "(e)(1) A certificate of documentation for a vessel may be endorsed with a coastwise endorsement if— "(A) the vessel is eligible for documentation; "(B) the person that owns the vessel, a parent entity of that person, or a subsidiary of a parent entity of that person, is primarily engaged in leasing or other financing transactions; "(C) the vessel is under a demise charter to a person that certifies to the Secretary that the person is a citizen of the United States for engaging in the coastwise trade under section 2 of the Shipping Act, 1916; "(D) the demise charter is for a period of at least 3 years or a shorter period as may be prescribed by the Secretary; and "(E) the vessel is otherwise eligible for documentation under this section. "(2) The demise charter and any amendments to that charter shall be filed with the certificate required by this subsection, or within 10 days following the filing of an amendment to the charter, and such charter and amendments shall be made available to the public. "(3) Upon termination by a demise charterer required under paragraph (1)(C), the coastwise endorsement of the vessel may, in the sole discretion of the Secretary, be continued after the termination for default of the demise charter for a period not to exceed 6 months on such terms and conditions as the Secretary may prescribe. "(4) For purposes of section 2 of the Shipping Act, 1916, and section 12102(a) of this title, a vessel meeting the criteria of this subsection is deemed to be owned exclusively by citizens of the United States.". (e) CONFORMING AMENDMENT.— Section 9(c) of the Shipping Act, 1916, as amended (46 App, U.S.C. 808(c)) is amended by striking "sections 31322(a)(1)(D)" and inserting "sections 12106(e), 31322(a)(1)(D),". (f) STUDY AND REPORT. — 46 USC 12106 (1) STUDY.— The Secretary of Transportation shall conduct i^ote. a study of the methods for leasing, demise chartering, and financing of vessels operating in the coastal trades of other countries and whether the laws of other countries provide reciprocity for United States banks, leasing companies, or other financial institutions with respect to the rights granted under the amendment made by subsection (d). The study shall develop recommendations whether additional laws requiring reciprocity should be considered for non-United States banks, leasing companies, or other financial institutions, (2) REPORT.— The Secretary shall submit to the Congress a report 1 year after the date of enactment of this Act of the results of the study required under paragraph (1), including recommendations developed in the study. SEC. 1114. MANNING AND WATCH REQUIREMENTS ON TOWING VES- SELS ON THE GREAT LAKES. (a) Section 8104(c) of title 46, United States Code, is amended—

�