Page:United States Statutes at Large Volume 62 Part 1.djvu/1242

 PUBLIC LAWS-CH. 786-JULY 1, 1948 theretofore been allocated pursuant to the previous paragraphs of this subsection; "(5) At the conclusion of operations under any such contract, charter, or other arrangement, any balance in said special account shall be promptly divided and paid 75 per centum to the Commission and 25 per centum to the operator. "(c) The Commission may incorporate in each such contract, charter, or arrangement such definitions and formulas for the deter- minations of vessel-operating revenue, gross profit before overhead expenses, overhead expenses, accounting periods, fair value, and depreciation, as it may deem necessary or appropriate to carry out the other provisions of this subsection and of this joint resolution. The Commission's determination of the value of operator-owned vessels, for the purposes of such contract, charter, or other arrange- ment, shall be for the purposes of this joint resolution only and shall not be relevant evidence in any regulatory proceeding before the Commission. Cancelation of co- "SE. 3. (a) Every contract, charter, or arrangement made under r,c . this joint resolution shall expressly reserve to the Commission, after reasonable notice to the operator and affording him opportunity for hearing if the Commission determines that it is in the public interest so to do, the right to cancel the same upon reasonable notice of such cancellation but not less than ninety days. Such contract, charter, or arrangement shall also reserve to the operator the right to request the Commission to modify or cancel the same for good cause shown, and if the Commission shall determine that the operator's claim is justified, it may make such modification or shall permit such cancella- tion at such time thereafter as it may consider reasonable but not more than ninety days after such determination. traetmention ofon- "(b) Whenever the President shall proclaim that the security of the national defense makes it advisable, or during any national emer- gency declared by proclamation of the President, the Commission may terminate any contract, charter, or arrangement hereunder, without cost to the United States, upon such notice to the operator as the President shall determine. Nonlimitation. "(c) Nothing contained in this joint resolution shall be construed to limit the right of the Commission to enter into other contracts, charters, or arrangements with new or other operators, if after such notice, investigation, or consultation as the Commission may deem necessary or appropriate in the particular case2 but without the neces- sity of hearings, the Commission shall determine such action to be in the interest of the economy of the Territory of Alaska or of the national defense. "Vessels." '"SEC.4. The word 'vessels' as used in the joint resolution shall include such passenger vessels, freight vessels, combination freight and passenger vessels, tugs, barges, and other watercraft, as shall, in the dis- cretion of the Commission, be deemed suitable for use in ocean transportation to, from, and within Alaska. "SEC. 5. The provisions of this joint resolution, as amended, shall not, prior to July 1, 1948, affect the operation of contracts, charters, or other arrangements in accordance with their terms in effect on the date of enactment of this amendatory section, unless superseded before July 1,1948, by contracts, charters, or arrangements entered into under this joint resolution, as amended." Approved July 1, 1948. 1212 [62 STAT.

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