Page:United States Statutes at Large Volume 60 Part 1.djvu/73

 PUBLIC LAWS-CH. 82-MAR. 8, 1946 Passenger vessels. Reconditioned ves- sels. Loss prior to acqui- sition, etc. Transfers in settle- ment of claims. Adjustments with owners. vessel or vessels tendered in exchange bear to the dead-weight ton- nage of such war-built vessel or vessels, or (B) the liability of the United States in connection with the repair or restoration of such vessel under any charter to which the United States is a party, which- ever is higher. In the case of passenger vessels tendered in exchange, the amount of the allowance shall not exceed the percentages of statu- tory sales price computed under (A) (1) and (2) above by gross tons instead of dead-weight tons, or such liability for the repair or restora- tion of such passenger vessel, whichever is the higher. In any case where the vessel tendered in exchange was acquired from the United States, the exchange allowance under this section shall not exceed the price paid the United States therefor plus the depreciated cost of any improvements thereon. In the case of any vessel tendered in exchange which has been restored to condition by the United States for the purpose of redelivering such vessel to its owner in compliance with the charter of such vessel with the United States, or where, for such restoration a cash allowance has been made to the owner, there shall be deducted from the amount of the allowance of credit for such vessel determined by the Commission under this section, an amount equal to the liability of the United States for such restoration or such cash allowance made to the owner. (2) If, after such offer is made, and prior to its acceptance, or prior to the acquisition of the vessel, by the Commission, the vessel is lost by reason of causes for which the United States is responsible, then in lieu of paying the owner any amount on account of such loss, the offer shall, for the purposes of subsection (a) and this subsection, be considered as having been accepted and the vessel as having been acquired by the Commission under subsection (a) immediately prior to such loss. (c) The Commission is also authorized to make available any war- built vessel for transfer in complete or partial settlement of any claim against the United States (1) for just compensation upon requisition for title of any vessel, or (2) for indemnity for the loss of any vessel which was acquired for use by the United States, but only to the extent such vessel is available for sale to the claimant. (d) In the case of any vessel constructed in the United States after January 1, 1937, which has been taken by the United States for use in any manner, the Commission, if in its opinion the transfer would aid in carrying out the policies of this Act, is authorized to transfer to the owner of such vessel another vessel which is deemed by the Com- mission to be of comparable type with adjustments for depreciation and difference in design or speed, and to the extent applicable, adjust- ments with respect to the retained vessel as provided for in section 9, and such other adjustments and terms and conditions, including transfer of mortgage obligations in favor of the United States binding upon the old vessel, as the Commission may prescribe. ADJUSTMENT FOR PRIOR SALES TO CITIZENS SEC. 9. (a) A citizen of the United States who on the date of the enactment of this Act- (1) owns a vessel which he purchased from the Commission prior to such date, and which was delivered by its builder after December 31,1940; or (2) is party to a contract with the Commission to purchase from the Commission a vessel, which has not yet been delivered to him; or (3) owns a vessel on account of which a construction-differen- tial subsidy was paid, or agreed to be paid, by the Commission 46 [60 STAT.

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