Page:United States Statutes at Large Volume 74.djvu/254

 214 Acquisition of ownership by U.S.

Payment for use in other fisheries.

Definitions.

39 Stat. 729. 46 USC 802.

Appropriation. Expiration date.

PUBLIC LAW 86-516-JUNE 12, 1960

[74

ST A T.

SEC. 8. (a) Every contract executed by the Secretary pursuant to section 3 of this Act shall provide that in the event the United States shall, through purchase or requisition, acquire ownership of any fishing vessel on which a construction subsidy was paid, the owner shall be paid therefor 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) less the depreciated amount of construction subsidy theretofore paid incident to the construction of such vessel, or the fair and reasonable scrap value of such vessel as determined by the Maritime Administrator, whichever is the greater. Such determination shall be final. I n computing the depreciated value of such vessel, depreciation shall be computed on each vessel on the schedule accepted or adopted by the Internal Revenue Service for income tax purposes. (b^ The provisions of section 2 and subsection (a) of this section relating to the requisition or the acquisition of ownership by the United States shall run with the title of each fishing vessel and be binding on all owners thereof. SEC. 9. If any fishing vessel is operated during its useful life, as determined by the Secretary, in any fishery other than the particular fishery for which it was designed the owner of such vessel shall repay to the Secretary, in accordance with such terms and conditions as the Secretary shall prescribe, an amount which bears the same proportion to the total construction subsidy paid under this Act with respect to such vessel as the proportion that the number of years during which such vessel was not operated in the fishery for which it was designed bears to the total useful life of such vessel as determined by the Secretary for the purposes of this section. Obligations under this provision shall run with the title to the vessel. SEC. 10. The Secretary shall make such rules and regulations as may be necessary to carry out the purposes of this Act. SEC. 11. As used in this Act the terms— (1) "Secretary" means the Secretary of the Interior, (2) "fishing v ^ s e l " means any vessel designed to be used in catching fish, processing or transporting fish loaded on the high seas, or any vessel outfitted for such activity, (3) "citizen of the United States" includes a corporation, partnership, or association if it is a citizen of the United States within the meaning of section 2 of the Shipping Act, 1916, as amended, (4) "construction" includes designing, inspecting, outfitting, and equipping, and (5) "Maritime Administrator" means the Maritime Administrator in the Department of Commerce. SEC. 12. There is authorized to be appropriated the sum of not more than $2,500,000 annually to carry out the purposes of this Act. SEC. 13. No application for a subsidy for the construction of a fishing vessel may be accepted by the Secretary after the day which is three years after the date of enactment of this Act. Approved June 12, 1960.

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