Page:United States Statutes at Large Volume 118.djvu/1084

118 STAT. 1054

Notwithstanding section 27 of the Merchant Marine Act, 1920 (46 App. U.S.C. 883), section 8 of the Act of June 19, 1886 (24 Stat. 81, chapter 421; 46 App. U.S.C. 289), and section 12106 of title 46, United States Code, the Secretary of the department in which the Coast Guard is operating may issue a certificate of documentation with appropriate endorsement for employment in the coastwise trade for the following vessels:
 * (1) OCEAN LEADER (United States official number 679511).
 * (2) REVELATION (United States official number 1137565).
 * (3) W. N. RAGLAND (Washington State registration number WN5506NE).
 * (4) M/T MISS LINDA (United States official number 1140552).

(a) —Section 12106 of title 46, United States Code, is amended—
 * (1) by striking subsection (e)(1)(B) and inserting the following:
 * “(B) the person that owns the vessel (or, if the vessel is owned by a trust or similar arrangement, the beneficiary of the trust or similar arrangement) meets the requirements of subsection (f);”; and
 * (2) by adding at the end the following:

“(f) —
 * “(1) —A person meets the requirements of this subsection if that person transmits to the Secretary each year the certification required by paragraph (2) or (3) with respect to a vessel.
 * “(2) —To meet the certification requirement of this paragraph, a person shall certify that it—
 * “(A) is a leasing company, bank, or financial institution;
 * “(B) owns, or holds the beneficial interest in, the vessel solely as a passive investment;
 * “(C) does not operate any vessel for hire and is not an affiliate of any person who operates any vessel for hire; and
 * “(D) is independent from, and not an affiliate of, any charterer of the vessel or any other person who has the right, directly or indirectly, to control or direct the movement or use of the vessel.
 * “(3) —
 * “(A) In general.—To meet the certification requirement of this paragraph, a person shall certify that—
 * “(i) the aggregate book value of the vessels owned by such person and United States affiliates of such person does not exceed 10 percent of the aggregate book value of all assets owned by such person and its United States affiliates;
 * “(ii) not more than 10 percent of the aggregate revenues of such person and its United States affiliates is derived from the ownership, operation, or management of vessels;
 * “(iii) at least 70 percent of the aggregate tonnage of all cargo carried by all vessels owned by such person