Page:United States Statutes at Large Volume 44 Part 1.djvu/1553

 *1539 rmx.; 4a. jurisdiction of the Intéritnte Commerce Gommihsicm Efc detri mental to the déclgrod object ot this section, or that new rata charges, rules, or mguhticns, new `or additiong1_port_mrmmq mcilities. or amrmntive action on the part ct `mch `cdmmo: `carriers by rail` is hecmary to promote the objects ot thi Section, the board may submit its hpdings to the ,Iut;ersmt ‘ Y Commerce Commission to; such acticm as such commission ma consider proper under eiisting law. _(Jmid 6, 1920, c. 250, { 1 41_stat.992.)i·f, t·   ——‘ _ 868. Vessels sold umu deferred payment plan; insurance.- Iftheé termsnnd conditions of any salé of a vesse} made unda th}-: provisions of this chapter. include. deferred payments qt th purchase price, the bogrd shall require, as part pt guqh term and conditions; that the purchaser ot the fvesse1 shall keep tl: same. insured (a)` againsflo§s` o1·, damage by nre;. and again: marine risks and disasters, and, V war. and other risks `if th board so épecmes, with such insurance companies, association or underwriters, and under such forms ot policieé, and to suc { én amount, as the board may prescribe, or aPPFove; and (b by. protection and indemnity, insurance with · such iixsuram companies, associations, or underwriters dud under such {om ot policies, and t0·~ méh an amount las the board may prescrit _ or approio. The insurance requiréd_ td be carried under tw section shall be made payable to the b0ard,aud/or to the partie as interest may hppear. The board is authorized to enter int .. any agreement that it `deems wise in respect. to the pdymer and/or the guarantee of premiums ct insurance. (June 5, 192} c.250,$·9,41_Sta£.992.) - ‘ ‘ · t `° 869. .Ctéati¤¤ -•f fund for insmancc of intcmatp of Unite QStates.-v-'Ihe %rd mhy_c.rcntc out at net revenue {rom oper: tions and §8.1@,·ll1d maintain ani! ndministaxy n sepamtq 11 summa tum}, which it may use to insure in wpole .01*11;. par agqipst all hazards commonly powered by insurance policies 1 such msec,  interest of the United Stutw (1) in any vbsse either constructed ¢g txfpmcus oi mustructziqn, and (2) in an plants mr materials heretofore or hermher acquired Zby tl boar:} or hereby tinnsterrad to the board. _( June 5, 1920, 250, s 10, 41 sm, wz. ;— · . 810, Cmmmon than fundfuse. cf.-—-(A) During n péric ot Bvq years trcmiuqe 5, 1920, the board may annually set wi out ot th; revmuw tram gum and operations a sum not ez cecding $%;000,Q00, to be nova gs im construction loan fun .’1*he.bc¤¤d may me  twthe extent itmmks props .up¤¤s¤d1t@nsthebc•rdmnyps·escribe,ihmdkihg1oa1 to nid pe1—m¤s·—dti:¢¤¤_0t the United States i¤_ the ccnsupcuc by theme in prints ghipyarda -9: navy yards of the United Stat: of vmels ot the bm nd most @ci·~t BD6 for-the pstnblig. ment or main  at www on lineswémed desirable < ue&ry by the board, pmvidod meh vowels shall be Attn and equimd with  mm mmcm, thk most emciwynx the ecmomicni engines; mnghincry, nm  cia1 appl nam cr, in the mfiftingv ud ° equipment by them ·i¤ t puts shipyard; bz mn yqd; at the Qpitgd States ot wml: stmt built, with mginu, machinery, ud  npplinhws `· the type and kind mmm. . ` __ (b)·fl`h• term “vem¤l” az “vc¤&ls;" whore usadin th sccticn, shall be construed 3c  an- much to nid 1 Wham ~* i   rucden or wuimsnt   is mnéé mm: the 60 Stmcticn man {md at tha   .h vessels shall 1 dccuémted gmdgr the laws oi tm     me md, shall 1 main *d ted* unda such lava  lean than his  from the date the loan is made;   Iloiag  as there 1 mains d¤¤ me United Sum my pdudptlwhw mutant dn a ` want ot nm lun. ·‘ _   · " · lc) No rcg¤·sM3.l b¢ made {MQ; longer tim than htm years. it itiaxwttcbbrépatd within tnioyurs tmmtlmda ’w1m¤ihe hrsthdum on the mn M mails By m b¤•rd,.tl priugimit shall be phyabie in insml1me‘£ts to be demaitety —p1

.--s1111¤1¤11v0 fr § 871 I+ scribed in the instruments, Buch installments hhall · be madé s, payable ntinterfmls not excecdingxwo yur}; on ein amounts nl not less than 6· per ccntum of the original amount of thejloan, ¤_ it the installments are payable at intervals of one yenr or less: y us and in amounts not less than 12 per centum ot the ·orlglnal_ c  amount ot. the loam, 11 the installments are &t_iDtB1'Y8JZS exceed- Y ing one year in length. The loan may pc, mid qt guy time, on B, thirty days written notice to the board, with interest computed ~_ to date ot payment. _ i · — t. -·- (d) All such loans shell bear interwt nt rates to be hed 21* by the board, payable not less frequently than umuitlly. Dm'- ie ing RDF interest period in which the vessel is operated excln· ` as sivcly in coaetwisc trqde, or is inactive, the rate ct interest me shall beuot less than 5% ,pcr·ccntum per annum. During any at interest period in which the vessel is operated ln foreign trade, te the rate shéllybe not less than 4% per ccntum per annum. The as board may prescribe rules for determining the amount ot intern lm est payable nnder the provisions ot this puagram;  t ») _ (e) No loan shall be for n greater sum than one—haIt the 3 ee- (cost of the vessel or vessels to be constructed; cr,· than ene·» / ns halt the cost ot the equipment herclnbctcre Authorized for `n K, »c tvcsscl already built: Provided, howcner, It security is fur-} is nlshed in addition- to the momeke. on the vessel or vessels, as board may increase the "amount loaned, hut such additional to amount shall not exceed one-hal.! the market value ot the addi- Q, at tional security furnished, and in_ no case, shall the totnl lean 0, he for a greater sum than twcrthirgln ct the cost of the veml ,_ or vessels to be constructed; or, than twe·thirdn~ ot thef cost of ml the equipment, and ite installation, fo1·\v&ele already built. ¤· . (t) The board shell. require such security ns lt-shall deem rl- necessary to: insure the completion of the constrnctiw or equip- 11. ment ot the vessel within a reasonable    the remywt U1; of the lun with interest; when the vwscl is completed  rl,` eccurltylshall lnclueleh preferred mortgage on the vemcl, comly plytng with the  provisions of the following chapter, yrhlé le mortgage shall _ contain appropriate covenants nnd_ prowlslms c. to oinsuré the proper physical maintenance of the vmsel, end im _ protectlm against Hens for taxes, penalties, claims, or llghilltlql vd oi any kind whnteccr,. which might impair the security `fer the IG debt. It shall also contain any other covenants end pcovmons ¤— the board` may ~prcecrihe,y lncludix n provision for the sono-_ 6- _ mary `maturing of the entire debt, tcrcanees to be ennmratcd: li _ (3)* The board phnlt also require and the security fnmlshcd H1 ghell provide that the owner not the vessel shall keep the same w insured egel¤st_ loss or damage by hre, and against hy. risks and disasters, and against any and all other insurable ` ¤1' risks the board spccims, with ench lnsnrnnce companies, Insec- =d clatione or uridervqritcrs, and nmcr snch forms ot policies. ld end to ench an amount, ns the board may nrmcribe or approve; \1·` such insurance shell be made myable to the Mud end/or to I? to enter into guy agrecmmt that it deems via in rcwcct- to of the payment and for the  ot premiums of insurance. `(June B, 19%, c. 50, I 11, $1·B¤t._9W`;'·I¤13e`_6, 1924, c, 273, ais ·§`1,=43 &at.467.) _. · _ Y - ·“ ‘ y ~. in 871. Repair And operation of vceaels until nele.-——All even-
 * 5 ·i¤ the m0f¢£¤8%· ‘ — Q · -` `.
 * 1% the parties, as interest may amour. The hoard is entherlwd .,
 * 1- . eels may be reconditioned and kept in suitable remit and until ,

be sold shall be managed nm operated by the board or chartcrcgl »e· or leaned by it on ench terms and conditions as the board shell rs deem wise. for the promotion and maintenance .01 an emclent re- `merchnnt marine, pursuant tc the policy and; pnrpoees eleclurcg 5 nc- in ¤ecttone_801land wérand the United Staten Shipping Board 7 Emergency Fleet Corporation shall continue in existence and. ‘ en nre nntherlty toe operate vcséels, nnlcss otherwise directed t .te by luv, until ell vessels are sold in accordance with the probe wlnicm ot this chapter, the proylelon in eection 810 to the com re— trary notwithstanding. " ‘·