Page:United States Statutes at Large Volume 41 Part 1.djvu/1014

 sixrY-sixrH conennss. sm. II. cs. 250. 1920. 993 against all hazards commonly covered by insurance policies in such cases, any interest of the United States (1) in any vessel, either constructed or in process of construction, and (2) in any plants or materials heretofore or hereafter acquired by the board or hereby transferred to the board. _ Sac, 11. That during a period of five years from the enactment of ,,,,‘f§¥""°°‘“°“ '°“” this Act the board may annually set aside out of the revenues from euigtlgghm mvsales and operations a sum not exceeding $25,000,000, to be known 0 ` as its construction loan fund, to be used in aid of the construction USB ¤P¤¤i¤¤¤· of vessels of the best and most efficient type for the establishment and maintenance of service on steamship lines deemed desirable and necessary by the board, and such vessels shall be equipped with the most modern, the most efficient, and the most economical machinery and commercial appliances. The board shall use such tig? §§",,Q,,fg”"sf,',?; fund to the extent required upon such terms as the board may Yardsprescribe to aid persons, citizens of the United States, in the construction by them in private shipgards in the United States of the 1,,,,,,,, um, ,_,,c_ foregoin c ass of vessels. No a1 shall be for a greater sum than two-thir§s of the cost of the vessel or vessels to be constructed, and the board shall r uire such security, including a first lien u on the entire interest in (the vessel or vessels so constructed as it sh& deem necessary to insure the re ayment of such sum with interest thereon and the maintenance of igie service for which such vessel or vessels are built' Care etc of vessels Sec. 12. That all vessels may be reconditioned and kept in suitable by Bciardnuntil as repair and until sold shall be managed and operated by the board or "°S°° °'· chartered or leased by it on such terms and conditions as the board shall deem wise for the promotion and maintenance of an efficient merchant marine, {pursuant to the policy and purposes declared in E F sections 1 and 5 o this Act; and the United States Shipping Board e.,r§'$$,'g§EXYmt},{°u§ Emergency Fleet Corporation shall continue in existence and have *° °P°“‘°° "°“°'S·°°°· authority to operate vessels, unless otherwise directed by law, until all vessels are sold in accordance with the provisions of this Act, the V I 9 0 provision in section 11 of the "Shipping Act, 1916," to the contrary ° '3 ’p' 73“‘ Ilotwithstanding. Sec. 13. That the board is further authorized to sell all property 0§§l°$ha§‘VaEL‘§"” other than vessels transferred to it under section 4 upon such terms and conditions as the board may determine and prescribe. Ne, pmmds 0, W Sec. 14. That the net proceeds derived by the board prior to July 1, amiss, em. 1921, from any activities authorized by this Act, or by the "Shipping ;,,i;i’f°§’>gK° °f’ mu Act, 1916," or by the Acts specified in section 2 of this Act, except such an amount as the board shall deem necessary to withhold as operating capital, for the piufposes of section 12 hereof, and for the insurance fund authorized in section 10 hereof, and for the construction loan fund authorized in section 11 hereof, shall be covered into the Treasury of the United States to the credit of the board and may be expended by it, within the limits of the amounts heretofore or_hereafter authorized, for the construction, requisitioning, or plurchasing of vessels. After July 1, 1921, such net proceeds, less suc an amount *‘·"“' my ’· mlas may be authorized annually by Congress to be withheld as operating capital, and less such sums as may be needed for such insurance and construction loan funds, shall be covered into the Treasury of the t md United States as miscellaneous receipts. The board shall, as raipldldg d.}€§%§,,?mcy t§ as it deems advisable, withdraw investment of Government un be wi¤¤·¢¤¤“‘¤·€*°· made during the emergency under the authority conferred by the Acts or parts of Acts repealed by section 2 of this Act and cover the net proceeds thereof into the Treasury of the United States as miscelianeous receipts. _ _ N Siac. 15. That the board shall not require payment from the War q,§,‘§.,,"‘,§§"1‘;S§§§,,§ Department for the charter hire of vessels owned by the United by “¤rD¢1‘·¤r¢=¤<¤r.