Page:United States Statutes at Large Volume 81.djvu/193

 81 STAT.]

PUBLIC LAW 90-59-JULY 31, 1967

159

(g) LESS DEVELOPED COUNTRY SHIPPING COMPANIES.—

(1) Section 4916(c) is amended— (A) by redesignating subparagraph (B) of paragraph (1) as subparagraph (C); (B) by striking out subparagraph (A) of paragraph (1) and inserting in heu thereof the following: " (A) meets the requirements of section 955(c)(1); " (B)(i) meets the requirements of section 955(c)(2), and "(ii) on each day of such applicable periods, is owned (as determined under section 958(a)), to the extent of at least 80 percent of each class of its stock, by United States persons or residents of one or more less developed countries; or"; (C) by striking out the last sentence of paragraph (1) and inserting in lieu thereof the following: "A foreign partnership, as defined in section 7701(a)(2) and (5), the jxssets, gross income, and ownership of which, for the applicable periods set forth in paragraph (3), satisfy the requirements of subparagraph (A), (B), or (C) of the first sentence of this paragraph, shall be treated as a less developed country corporation for purposes of this section."; (D) by striking out "subparagraphs (A) and (B) " in paragraphs (2)(A) and (3) and insarting in lieu thereof "subparagraphs (A), (B), and (C) "; and (E) by striking out "subparagraph (B) " in paragraph (2) (C) and inserting in lieu thereof "subparagraph (C) ". (2) The amendments made by paragraph (1) shall apply with respect to acquisitions made after the date of the enactment of this Act.

^s Stat. 828.

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^^A Stat. 911.

(h) INTERNATIONAL MONETARY STABILITY EXCLUSION.—

(1) Section 4917(d) is amended by— (A) striking out "after the date of the enactment of the Interest Equalization Tax Extension Act of 1965"; (B) striking out "5 percent" and inserting in lieu thereof "1 percent"; and (C) striking out "25 percent" and inserting in lieu thereof "5 percent". (2) The amendments made by paragraph (1) shall apply with respect to acquisitions made after July 18, 1963. (3) If, with respect to an acquisition after July 18, 1963, and before the date of enactment of this Act, by a State or political subdivision, or by any agency or instrumentality thereof, of stock or a debt obligation which is all or part of an original or new issue to which an Executive order issued under section 4917(a) is applicable (other than an Executive order which is applicable to a limited aggregate amount of such issues), the notice of acquisition required by section 4917(a) is filed on or before the 60th day after the date or enactment of this Act, such notice shall be considered as filed on or before the last day specified in the regulations prescribed by the Secretary or his delegate under section 4917(a). (4) No interest shall be paid with respect to any credit or refund allowed or made by reason of the application of this subsection.

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(i) RESALES OF DEBT OBLIGATIONS BY UNITED STATES DEALERS.—

(1) Sections 4919(a)(2)(A) (ii) and 4919(a)(2)(B) (ii) are each amended by striking r)ut "on the same or the next business 85-622 0-68—13

78 Stat. 8 3 3.

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