Page:United States Statutes at Large Volume 39 Part 1.djvu/753

 732 SIXTY-FOURTH CONGRESS. Sess. 1. Ch. 451. 1916. N<>*¤¤ ¤* °*"°¤ The boa.rd shall `ve public notice of the fact that vessels are offered and the terms and] conditions upon which a contract will be made, PI’e=‘•¤ mt? W 3*; and shall invite competitive offerings. In the event the board shall, by ¤¤rpm¢lii»ii.w° after full compliance with the terms of this proviso, determine that it is unable to enter into a contract with such lprivate parties for the purchase, lease, or charter of such vessel, it s all make a full iplport to the President, who shall examine such report, and if he sh _ aprove the same he shall make an order declaring that the conditions have been four;d to eejrist (prhiclh justify the ogerggon of such vessel by a corporation orm un er the revisions o t section. ,_,Q{°*"“°° °‘ °°"P° At the expiration of five yearii from the conclusion of the present European war the olperation of vessels on the part of an such corporation in which the nited States is then a stockholder sliall cease and the said co ration stand dissolved. The date of the conclusion of m“’°°°l°"”°°°"" the war shlapll) be declared by proclamation of the President. The vessels and other property of any such corporation shall revert to the board. The boar may sell lease, or charter such vessels as provided in section seven and shall dispose of the property other than vessels on the best available terms and after payment of all debts and oblitm f n_ iiltions, deposit the proc_eeds thereof in the Treasury to its credit. rain? stock in such corporations owned by others than the United States at the time of disso ution shall be taken over by the board at a fair and reasonable value and paid for with funds to the creditof the _ board. In cas1e3f_disa.greement, such value shall be determined in the manner provide m section ten. g£.`.i°?'l°’°"'°’°b° _ Sec.-12. That the board shall investigate the relative cost of builds“*’*°°”‘*•"¤**•d· mgmerchant vesselsin the United States and in foreign maritime countries, and the relative cost, advantages, and disa vantages of operating in the foreign trade vessels un er United States registry and under foreign registry. It shall examine the rules under whic vessels are constructed abroad and in the United States, and the methods of classifying and rating same, and it shall examine into the ·sub]ect of marine msurance, the number of companies in the United States, domestic and foreign, engaging in marine insurance, the extent of the insurance on hulls  cargoes placed or written in the United States, and the_extent of remsurance of American maritime risks in foreign compames, andascertam what steps may be necessar to develop an ample marine insurance system as an aid in the develbpment of an American merchant marine. It shall examine the navigation laws of the United States  the rules and regulations thereunder, and make such recommendations to the Congress as it deems proper for the amendment, improvement, and revision of such laws and for the development of the American merchant marine. It shall investigate the legal status of mortgage loans on vessel property, with a view to means <%f_1mpg>v1ng theisecnrity of such loans and of encouraging mvestmen in i ericans. ‘d»%x°i?p°°°` It shall, on or before the  of December in each ear, make a report to the Congress, which s mclude its recommendations and the results of its investigations, a summary of its transactions, and a statement of all expenditures and receipts under this Act, and of the operations of any corporation in which the United States is a stockhlogdgg, aéid the names and compensation of all persons employed by Liabilities  mi · _ Sec. 13. That for the lpurpose of carrying out the provisions of sec- ..::·~* sr Mm $%’5“'6$?>6’t‘Eifli‘é '§2cr2l8‘l‘”’§¥‘€tl b·i’—.“‘°‘““'°"  “ “’*“’ °§ · y I e easur uon ereucsto Vol 367 pp m M, the board, approved by the lxresident, shall frigm liime to tiriie issue mr, ‘ ‘ · ;¤.lr.id§_¢;l1 or use andy 0% eicogdsfoi the Unfifted States new available in e easury un er e o t the nine, Februargggomth nineteen hundiied andltenriilaiiidulliiicmlgeelleoarildl, nineteen him d and eleven, relating to the issue of bonds for the