Page:United States Statutes at Large Volume 69.djvu/271

 69 S T A T. ]

PUBLIC LAW 121-JUNE 30, 1955

229

export control program, and of which not to exceed $82,500 may be advanced to the appropriation for "Sahiries and expenses" under the Office of the Secretary. OFFICE OF BUSINESS ECONOMICS

Salaries and expenses: For necessary expenses of the Office of Business Economics, $900,000. MARITIME ACTIVITIES

Shif) construction: For construction as authorized by sections 701 and 702 of the Merchant Marine Act, 1936, as amended (46 U.S.C. 1191, 1192), of one prototype tanker; for payment of construction49 Stat. 2008. differential subsidy and cost of national-defense features incident to construction of tvro passenger-cargo ships and not to exceed five cargo ships for replacement, and for payment of construction-differential subsidy and cost of national-defense features incident to the reconstruction and reconditioning of ships under title V of the Merchant Marine Act, 1936, as amended (46 U.S.C. 1154); for reconditioning 49 Stat. 1998. and betterment of one ship in the national-defense reserve fleet; for necessary expenses for the acquisition of used cargo ships and tankers pursuant to section 510 of the Merchant Marine Act, 1936, as amended (46 U.S.C. 1160), and the payment of cost of national-defense fea*^ s*^*- ^^^3. tures incorporated in new tankers constructed to replace such used tankers; and for research, development, and design expenses incident to new and advanced ship design, machinery, and equipment; $86,450,000, to remain available until expended: Provided, That transfers may be made to the appropriation for the current fiscal year for "Salaries and expenses" for administrative and warehouse expenses (not to exceed $1,000,000) and for reserve fleet expenses in such amounts as may be required, and any such transfers shall be without regard to the limitations under that appropriation on the amounts available for such expenses: Provided further, That appropriations granted herein shall be available to pay construction-differential subsidy granted by the Federal Maritime Board, pursuant to section 501 (c) of the Merchant Marine Act, 1936, as amended, to aid in the recon- ^^ y^^* \\l\\c) struction of any Mariner-class ships sold under the provisions of title VII of the 1936 Act: Provided further, That all ship construction, \\ ^u*s c^°i°i*91reconditioning and betterment of vessels appropriated for herein, ^^04. shall be performed in shipyards in the continental United States: Provided further, That no funds contained in this Act may be used to commence construction, reconstruction, conversion, reconditioning or betterment of any vessel until the total Federal funds required to complete such work have been appropriated. Operating-differential subsidies: For the payment of obligations incurred for operating-differential subsidies granted on or after January 1, 1947, as authorized by the Merchant Marine Act, 1936, as 4! us^c ch.*27. amended, and in appropriations heretofore made to the United States Maritime (Commission, $110,000,000, to remain available until expended: Provided, That to the extent that the operating-difl'erential subsidy accrual (computed on the basis of parity) is represented on the operator's books by a contingent accounts receivable item against the United States as a partial or complete offset to the recapture accrual, the operator (1) shall be excused from making deposits in the special reserve fund, and (2) as to the amount of such earnings . the deposit of which is so excused shall be entitled to the same tax treatment as though it had been deposited in said special reserve fund. To the extent that any amount paid to the ojDerator by the United States reduces the balance in the operator's contingent receivable

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