Page:United States Statutes at Large Volume 45 Part 1.djvu/741

 690 SEVENTIETH CONGRESS. SEsS. I. CH. 675. 1928. Shipping Board, ves- sels. Sales by the Board. SA LES BY BOARD Rest rict ions on. Remodeling and im- proving. Ves sel s of United States to be remodeled etc. Vol.41; p. 993, Vol. 43, p. 468. U.S. Code, p.1539. Documenting, etc . TI TLE II-SHIPPING BOARD VE SS ELS SEC. 201. The United States Shipping Board shall not sell any vessel or any line of vessels except when in its judgment the building up a nd mai ntenan ce of an ad equate merch ant m arine can be best served thereby, and then only upon the affirmative vote of five members of the board duly recorded. REMODELING AND IMPROVING SEC. 202. In addition to its power to recondition and repair vessels unde r sect ion 12 of t he Mer chant Marine Act, 1920, as am ended [U. S. C., Title 46, « 871], the boa rd m ay remo del and imp rove vessels o wned by the Un ited States a nd in its pos session or und er its control, so as to equip them adequately for competition in the foreign trade of the United States. Any vessel so re model ed or improved shall be documented under the laws of the United States and shall remain documented under such laws for not less than five years from the date of the completion of the remodeling or improving and so long as there remains due the United States any money or interest on account of such vessel, and during such period it shall be operated only on voyages which are not exclusively coastwise. Repl acem ents. REPLACEMENTS Reco mmen datio ns t o Con gr ess as to new SEC. 203 . The necessit y for the replacement of vessels owned b. y vessels required in for- eign trade. the United States and in the possession or under the control of the board and the construction for the board of additional up-to-date cargo, combination cargo and passenger, and passenger ships, to give the United States an adequate merchant marine, is hereby recognized, and the board is authorized' and directed to present to Congress from time to time, recommendations setting forth what new vessels are required for permanent operation under the United States flag in foreign trade, and the estimated cost thereof, to the end that Construction to be in Congress may, from time to time, make provision for replacements United States. and additions. All vessels built for the board shall be built in the United States and they shall be planned with reference to their possible usefulness as auxiliaries to the naval and military services of the United States. TITLE III-CONSTRUCTION LOA N FU ND Construction loan fund. Terms and condi- TER MS AND C OND ITIO NS OF LOANS tions of loans. Vol. 44, p. 1451, SEC. 301 . (a) Section 11 of the Merchant Marine Act, 1920, as a Lend . . S .Code, p .1539. amended [U. S. C., Title 46, « 870;44 Statu tes at Large, pt. 2, -Ante, p.586. .1451], is amended to read as follows Revenues from sales, ƒ SEC. 11. (a) That the board may set aside, out of the revenues etc., of board to be set aside for fund . from sales, including proceeds of securities consisting of notes, post, p . 889. letters of cre dit, or other eviden ces of debt, taken b y it fo r defe rred payments on purchase money from sales by the board, whether such securities are to the order of the United States, the United States Ship ping Bo ard, the Un ited Sta tes Shi ppi ng B oard Em erge ncy Fleet Corporation, or the United States Shipping Board Merchant Aggregate amount . Fleet Corporation, either directly or by indorsement, until the amounts thus set aside from time to time aggregate $125,000,000 . The amount thus set aside shall be known as the construction loan Loans from, to ru c- - tens for ship construe fu nd. The b oard may use such fund to t he extent it thinks proper , tion in United States of upon such terms as the board may prescribe, in making loans to aid best type, equipment, yp b etc. persons citizens of the United States in the construction by them in private shipyards or navy yards in the United States of vessels of

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