Page:United States Statutes at Large Volume 43 Part 1.djvu/498

 SIXTY-EIGHTH CONGRESS. Sess. 1. Gus. 272, 273. 1924. 467 under said laws shall continue and may be enforced in the same ¤¤*¢¤»¤¢¤.. manner as if committed, and all penalties, forfeitures, or liabilities °° ’°t°° incurred prior to taking effect hereof, nmder any law embraced in, changed, modified, or repealed by this Act, may be prosecuted and punished in the same manner an with the same effect as if this Act ad not been passed. Sec. 8. Nothing in this Act contained, nor any powers herein p${§§§‘“g*g°"n0Q“’;_“;;r$ conferred upon the Secretary of Commerce, shall abrogate or curtail Med-' " the powers granted the Territorial Legislature of Alaska to impose 1 taxes or licenses, nor limit or curtail any powers granted the Terri- V° ‘37’°‘m` torial Legislature of Alaska by the Act of Congress approved August 24, 1912, ‘ To create a legislative assembly in the Territory of Alaska, to confer legislative power thereon, and for other purp0ses." Approved, June 6, 1924. June 6,1924. CHAP. 278.-An Act To amend sections 11 and 12 of the Merchant Mm-111e Act, 1920. ¤’¤*>¤¢·N<>·¤°5·¥ Be it emwted by the Senate and House of Regrresentatioes of the M mb t M, United States of America in Congress assemb d, That section 11 11e1,°1sai° Mum of the Merchant Marine Act, 1920, be, and the same is hereby, °dV¤1·41»p·99¤·¤m¤¤d— amended to read as follows: ’ Construction lm " Sec. 11. (a) That during a riod of five years from the enact- :111111. ment of this Act (Merchant lS§1€·ine Act of 1920) the board may m§£¤ug¤¤0, 0,;,1, hem annually set aside out of the revenues from sales and operations a Board. ppm! sum not exceedinig $25,000,000, to be known as its construction loan _ _ fund. The boar may use such fund to the extent it thinks proper, ,,,,{‘,*"}.1°§{,,°"‘*,,,,§,'g,§‘,{,§ upon such terms as the board may prescribe, in making loans to aid gg¤1g'_';¤°l,YP°°¤°*1H persons citizens of the United States in the construction by them in ’ ' private shipyards or navy yards of the United State of vessels of the best and most efiicient type for the establishment or maintenance of service on lines deemed desirable or necessary by the board, rovided ` such vessels shall be fitted and equipped with the most mod)ern, the most eiiicient, and the most economical engines, machinery, and commercial appliances or, in the outfitting andgui ment by them m,°°,?}§°}°',u*§b;,*'{§§ij in private shipyards or navy yards of the Uni Sptates of vessels ggg?,;}•y{_'*••” •*· already built, with engines, machinery, and commercial appliances of the typ; and kind mentioned. __ U Zlib) e term ‘vessel’ or ‘vessels,’ where used in this section, ,.,§§.4°l° S'}; sh be construed to mean a vessel or vessels to aid in whose construe- •*¤•° '>¥ *°•¤· tion or equi ment a loan is made from the construction loan fund of the  All such vessels shall be documented under the laws  'f"'?{,§,§§ of the United States and shall remain documented under such laws ¤*°•¤ B*··*¤•l¤**· for not less than five ears from the date the loan is made; and, so long as there remains due the United States any principal or interest °“··“°°°`§t if S“Zi.Z‘{ft; .1 1 1 1- th 11s. 1·····¤»·-¤···»·¤··-» c o can ma e or a onger une an n ears. If ii is not to be repaid within two years from the date wheii the   "‘ *“‘“°` first advance on the loan is made bgnthe board, the principal shall be payable in installments to be de `tely prescribed in the instru- me ments. Such installments shall be made payable at intervals not ven. ` exceeding two years; and in amounts not less than 6 per centum of the ori al amount of. the loan, if the installments are glyable at intervaiinog ine year of less; aindfitnhaipountsfntcit 1;; Hap 1; rcentumoteori amouno eoan,1 e a en Ergo at intervals exceegiiig one year in length. The loan may be1.,$£l°°°° mm '°` paid at any time. on thirty days written notice to the board, with interest computed to date of payment.