Page:United States Statutes at Large Volume 68 Part 1.djvu/615

 68

STAT.]

583

PUBLIC LAW 555-JULY 29, 1954

' (b) Any contract of sale executed under authority of this Act shall provide that in the event the United States shall, through purchase or requisition, acquire OAvnership of such vessels or vessel, the owner shall be paid therefor the value thereof, but in no event shall such payment exceed the actual depreciated sales price under such contract (together with the actual depreciated cost of capital improvements thereon), or the fair and reasonable scrap value of such vessel, as determined by the Maritime Administrator, whichever is the greater; that such determination shall be final; that in computing the depreciated acquisition cost of such vessel, the depreciation shall be computed on the vessels on the schedule adopted by the Internal Revenue Service for income tax purposes as applicable to each such vessel; that each such vessel shall remain documented under the laws of the United States during the remainder of the twenty-year economic life of the vessel or as long as there remains due the United States any principal or interest on account of the sales price, whichever is the longer period; and that the foregoing provisions respecting the requisition or the acquisition of ownership by the United States, and documentation shall run with the title to each such vessel and be binding on all owners thereof. Approved July 29, 1954. Public Law 554

CHAPTER 643 AN ACT To amend the Agricultural Act of 1949.

July 29, 1954 [S. 1381]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That section 407 of the Agricultural Act of 1949, as amended, is amended by adding at the end thereof the following: "Nor shall the foregoing restrictions apply to sales of commodities the disposition of which is desirable in the interest of the effective and efficient conduct of the Corporation's operations because of the small quantities involved, or because of age, location or questionable continued storability, but such sales shall be offset by such purchases of commodities as the Corporation determines are necessary to prevent such sales from substantially impairing any price-support program, but in no event shall the purchase price exceed the then current support price for such commodities." Approved July 29, 1954. Public Law 555

R e q u i s ition or acquisition by U. S.

F a r m commodit i e s, sale. 63 Stat. 1055. 7 USC 1427.

CHAPTER 644

AN ACT To amend the Mineral Leasing Act of February 25, 1920, as amended.

July 29, 1954 [S. 2380]

Be it enacted by the Senate and House of Representatives of the gas United States of America in Congress assembled, That the Act of Oilaore s. lands. Le s February 25, 1920, as amended (30 U.S.C. 226), is further amended as follows: (1) Strike out the second paragraph of section 17 and insert the 60 Stat. 951. following language in lieu thereof: Status d u n g "Any lease issued under this Act which is subject to termination by n o n ^^r o d u c triio n p reason of cessation of production.shall not terminate if within sixty pe'rlVd' days after production ceases, reworking or drilling operations are commenced on the land under lease and are thereafter conducted with

�