Page:United States Statutes at Large Volume 53 Part 2.djvu/778

 PUBLIC LAWS-CHS. 554, 555-AUG. 7, 1939 47 s tat. 15527; 48 March 4, 1933, heretofore extended by Acts of Congress approved tat.6490 April 30, 1934, and March 10, 1937, is hereby further extended two romission of years from March 4, 1940: Provided, That it shall not be lawful to plans. continue construction of said bridge until plans therefor shall again be submitted to and approved by the Chief of Engineers and by the Secretary of War. Amendment. SEC. 2. The right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, August 7, 1939. [CHAPTER 555] August 7, 1939 AN ACT [H. R. 98] To amend sections 712, 802, and 902 of the Merchant Marine Act, 1936, as [Public, No. 328] amended, relative to the requisitioning of vessels. Merchant Marine Act, 1936, amend- ments. 49 Stat. 2010. 46 U. S. C .,Supp. IV, § 1202. Charter provisions. Insurance require- ments. Proiso. Underwriting by Commission. Care, etc., of vessel. Inspection. Termination of charter in national emergency. 49 Stat. 2011; 62 Stat. 962. 46 U. 8. C., Supp. IV, § 1212. Construction con- tract provisions. Acquisition of ves- sels on which con- struction-differential subsidy paid. Payment to owner; determination of amount. Depreciation; com- putation. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 712 of the Merchant Marine Act, 1936, as amended (49 Stat. 2010; U. S . C., 1934 edition, Supp. IV, title 46, sec. 1202), is amended to read as follows: "SEC. 712. Every charter shall provide- "(a) That the charterer shall carry on the chartered vessels, at his own expense, policies of insurance covering all marine and port risks, protection and indemnity risks, and all other hazards and liabilities, in such amounts, in such form, and in such insurance companies as the Commission shall require and approve, adequate to cover all damages claimed against and losses sustained by the chartered vessels arising during the life of the charter: Provided, That in accordance with existing law, some or all of such insurance risks may be under- written by the Commission itself as in its discretion it may determine. "(b) That the charterer shall at its own expense keep the chartered vessel in good state of repair and in efficient operating condition and shall at its own expense make any and all repairs as may be required by the Commission. "(c) That the Commission shall have the right to inspect the vessel at any and all times to ascertain its condition. "(d) That whenever the President shall proclaim that the security of the national defense makes it advisable, or during any national emergency declared by proclamation of the President, the Commis- sion may terminate the charter without cost to the United States upon such notice to the charterers as the President shall determine. SEC. 2 . That section 802 of the Merchant Marine Act, 1936, as amended (52 Stat. 962; U. S . C., 1934 edition, Supp. IV, title 46, sec. 1212), is amended to read as follows: "SEC. 802. Every contract executed by the Commission under authority of title V of this Act shall provide that- "In the event the United States shall, through purchase or requi- sition, acquire ownership of the vessel or vessels on which a con- struction-differential subsidy was paid, the owner shall be paid there- for the value thereof, but in no event shall such payment exceed the actual depreciated construction cost thereof (together with the actual depreciated cost of capital improvements thereon, but excluding the cost of national-defense features) less the depreciated amount of construction-differential subsidy theretofore paid incident to the con- struction or reconditioning of such vessel or vessels, or the fair and reasonable scrap value of such vessel as determined by the Commis- sion, whichever is the greater. Such determination shall be final. In computing the depreciated value of such vessel, depreciation shall be computed on each vessel on the schedule adopted by the Bureau of Internal Revenue for income-tax purposes. 1254 [53 STAT.

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