Page:United States Statutes at Large Volume 53 Part 2.djvu/709

 53 STAT.] 76TH CONG., 1ST SESS.-CH. 417-AUG. 4, 1939 "(g) An obsolete vessel acquired by the Commission under this section which is or becomes twenty years old or more, and vessels presently in the Commission's laid-up fleet which are or become twenty years old or more, shall in no case be used for commercial operation, except that any such obsolete vessel, or any such vessel in the laid-up fleet may be used during any period in which vessels may be requisitioned under section 902 of this Act, as amended, and except as otherwise provided in this Act for the employment of the Commission's vessels in steamship lines on trade routes exclusively serving the foreign trade of the United States." SEC. 8. The last sentence in the first paragraph of section 603 (c) of such Act, as amended, is amended to read as follows: "Such pay- ments on account shall in no case exceed 75 per centum of the amount estimated to have accrued on account of such subsidy, except that, with respect to that part of the subsidy relating to any particular voyage, an additional 15 per centum may be paid to the contractor after such contractor's audit of the voyage account for such voyage has been completed and the Commission's auditors have verified the correctness of the same. Any such payments shall be made only after there has been furnished to the Commission such security as it deems to be reasonable and necessary to insure refund of any over- payment." SEC. 9. Section 604 of such Act, as amended, is amended to read as follows: "SEC. 604. If in the case of any particular foreign-trade route the Commission shall find after consultation with the Secretary of State, that the subsidy provided for in this title is in any respect inadequate to offset the effect of governmental aid paid to foreign competitors, it may grant such additional subsidy as it determines to be necessary for that purpose: Provided, That no such additional subsidy shall be granted except upon an affirmative vote of four of the members of the Commission." SEC. 10. The proviso at the end of section 607 (c) (3) of such Act, as amended, is amended to read as follows: "Provided, That such reimbursement to the Commission, if so deferred, shall be payable upon termination of the contract from any amounts then in the special reserve fund and the capital reserve fund: Provided further, That if any amounts shall have been transferred to the general funds of the contractor from either of such reserve funds and not repaid thereto, or if prepayments of amounts not due before one year after the date of termination of the contract have been made from the capital reserve fund pursuant to subsection (b) of this section, then the balance of such reimbursement not paid out of said reserve funds shall be pay- able out of any other assets of the contractor, but the amounts so payable from such assets shall not exceed in the aggregate the sum of the amounts so transferred and not repaid, and the amounts of such prepayments ;". SEC. 11. (a) Section 705 of such Act, as amended, is amended by adding at the end thereof a new sentence to read as follows: "No vessel constructed under the provisions of this Act, as amended, shall be sold by the Commission for operation in the foreign trade for a sum less than the estimated foreign construction cost exclusive of national defense features (determined as of the date the construction contract therefor is executed) less depreciation based on a twenty- year life, nor shall any such vessel be sold by the Commission for operation in the domestic trade for a sum less than the cost of con- struction in the United States exclusive of national defense features less depreciation based on a twenty-year life." 1185 Disposition of obso- lete vessels and those in laid-up fleet. 49 Stat. 2015 . 46 U. S. C., Supp. IV, §1242. Subsidies, pay- ments on account; limitation. 49 Stat. 2002 . 46 U. S. C., Supp. IV, §1173 (e). Additional allow- ance on completing audit of voyage ac- count. Security. 52 Stat. 959. 46 U. S. C., Supp. IV, §1174. Foreign-trade routes. Additional subsidy; when granted. Proviso. Affirmative vote of 4 members of Com- mission required. Special reserve fund. 49 Stat. 2006 . 46 U. S. C., Supp. IV, § 1177 (3). Provisos. Deferred payments. Recapture provi- sions. Vessels on foreign- trade routes. 49 Stat. 2009. 46 U. S. C., Supp. IV, § 1195. Limitation on sale price.

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