Page:United States Statutes at Large Volume 84 Part 1.djvu/887

 84 STAT. ]

PUBLIC LAW 91-387-AUG. 24, 1970

829

Public Law 91-387 AN ACT To amend section 4 of the Fish and Wildlife Act of IJ)")^. as amended, to extend the term during which the Secretary of the Interior can make rtsheries loans under the Act, and for other purposes.

August 24, 1970 [S. 3102]

Be it enacted by the Senate and House of Representatives of the Fisheries loan United States of Amerioa in Congress assembled, That section 4(c) of fund, extension. the Fish and Wildlife Act of 1956 (70 Stat. 1121), as amended (16 U.S.C. 742c(c)), is further amended by changing the date "June 80, ^^ ^*^*' ^^^ 1970" to "June 30, 1980" where it appears three times. SEC. 2. Section 4(b) of the Fish and Wildlife Act of 1956 (16 U.S.C. Conditions, 742c(b)) is amended by striking out paragraphs (7) and (8) and inserting in lieu thereof the following: U.S. citizen or "(7) An applicant for a fishery loan must be a citizen or national of national. the United States. " (8) Within the meaning of this section, a corporation, partnership, or association shall not be deemed to be a citizen of the United States unless the Secretary determines that it satisfactorily meets all of the requirements set forth in section 2 of the Shipping Act, 1916, as amended, for determining the United States citizenship of a corpora- yg'^stat^sq?"^^' tion, partnership, or association operating a vessel in the coastwise 46 USC 802. trade. "(9)(A) The nationality of an applicant shall be established to the ^ •^•"^"''^" . ^ « ' ^. '

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satisfaction or the Secretary. Withm the meaning 01 this section, no tion ownership corporation, partnership, or association organized under the laws of ••equirements. American Samoa shall be deemed a national of the United States unless 75 per centum of the interest therein is owned by nationals of the United States, citizens of the United States, or both, and in the case of a corporation, unless its president or other chief executive officer and the chairman of its board are nationals or citizens of the United States and unless no more of its directors than a minority of the number necessary to constitute a quorum are nonnationals and noncitizens. " (B) Seventy-five per centum of the interest in a corporation shall not be deemed to be owned by nationals of the United States, citizens of the United States, or both, (i) if the title to 75 per centum of its stock is not vested in such nationals and citizens free from any trust or. fiduciary obligation in favor of any person not a national or citizen of the United States; or (ii) if 75 per centum of the voting power in such corporation is not vested in nationals of the United States, citizens of the United States, or both; or (iii) if through any contract or understanding it is so arranged that more than 25 per centum of the voting power may be exercised, directly or indirectly, in behalf of any person who is not a national or citizen of the United States; or (iv) if by any other means whatsoever control of any interest in the corporation in excess of 25 per centum is conferred upon or permitted to be exercised by any person who is not a national or citizen of the United States." SEC. 3. The provisions of this Act shall be effective July 1, 1970. Not- Effective date. withstanding the provisions of section 4(c) of the Fish and Wildlife Act of 1956, as amended, any balance remaining in the fisheries loan fund at the close of June 80, 1970, shall be available to make loans for the purposes of section 4 of said Act from July 1, 1970, to the close of June 30, 1980. Approved August 24, 1970.

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