Page:United States Statutes at Large Volume 79.djvu/1345

 79 STAT. ]

PUBLIC LAW 89-346-NOV. 8, 1965

SKC. 2. Any deed of conveyance made pursuant to this Act shall— (a) provide that the land conveyed shall be used for park and recreational purposes and in a manner that will not, in the judgment of the Administrator of Veterans' Affairs, or his designate, interfere with the care and treatment of patients in the Veterans' Administration Center, Cheyenne, Wyoming; (b) contahi such additional terms, conditions, reservations, easements, and restrictions as may be determined by the Administrator of Veterans' Affaii"s to be necessary to protect the interest of the United States: (c) provide that if the city of Cheyenne, Wyoming, violates any provision of the deed of conveyance or alienates or attempts to alienate alj or any part of the parcel so conveyed, title thereto shall revert to the United States; and that a determination by the Administrator of Veterans' Affairs of any such violation or alienation or attempted alienation shall be final and conclusive; and (d) provide that in the event of such reversion, all improvements made by the city of Cheyenne, Wyoming, during its occupancy shall vest in the United States without payment of compensation therefor. Approved November 8, 1965.

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conditions.

Public Law 89-346 AN ACT

November 8, 1965

To amend sections 9 and 37 of the Shipping Act, 1916, and subsection O of the ^ _ J £ l £ i i £ ] Ship Mortgage Act, 1920.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 9 of the Merchant vesShipping Act, 1916 (46 U.S.C. 808), is amended by inserting a new MoVtgage bonds, paragraph between the existing third and fourth paragraphs thereof sale and validity.' as follows: s'l.T^L'"'' "The issuance, transfer, or assignment of a bond, note, or other evidence of indebtedness which is secured by a mortgage of a vessel to a trustee or by an assigimient to a trustee of the owner's right, title, or interest in a vessel under construction, to a person not a citizen of the United States, without the approval of the Secretary of Commerce, is unlawful unless the trustee or a substitute trustee of such mortgage or assignment is approved by the Secretary of Commerce. The Secretary of Commerce shall grant his approval if such trustee or a substitute trustee is a bank or trust company which (1) is organized as a corporation, and is doing business, under the laws of the United States or any State thereof, (2) is authorized under such laws to exercise corporate trust powers, (3) is a citizen of the United States, (4) is subject to supervision or examination by Federal or State authority, and (5) has a combined capital and surplus (as set forth in its most recent published report of condition) of at least $3,000,000. If such trustee or a substitute trustee at any time ceases to meet the foregoing qualifications, the Secretary of Commerce shall disapprove such trustee or substitute trustee, and after such disapproval the transfer or assignment of such bond, note, or other evidence of indebtedness to a person not a citizen of the United States, without the approval of the Secretary of Commerce, shall be unlawful. The trustee or substitute trustee approved by the Secretary of Commerce shall not operate the vessel under the mortgage or assignment without the approval 49-850 0-€6—85

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