Page:United States Statutes at Large Volume 84 Part 2.djvu/736

 2066 Nontaxable transfers. 68A Stat. 365. 26 USC 1492.

Ante, p. 2065. Effective date.

PUBLIC LAW 91-682-JAN. 12, 1971

[84 STAT.

(b) Section 1492 of such Code (relating to nontaxable transfers) is amended— (1) by strikino; out the period at the end of paragraph (2) and inserting in lieu thereof a semicolon and "or"; and (2) by adding at the end thereof the following new paragraph: "(3) To a transfer to which section 367(d) applies." (c) The amendments made by this section shall apply to transfers made after December 31, 1967; except that sections 367(d) and 1492 of the Internal Revenue Code of 1954 (as amended by this section) shall apply only with respect to transfers made after December 31, 1970. Approved January 12, 1971.

Public Law 91-682 January 12, 1971 [H. R. 15728]

Naval v e s s e l s « Loans to foreign countries, extension. 70A Stat. 452.

50 USC app. 1878q-1878x.

75 Stat. 424. 22 USC 2151 note.

AN ACT To authorize the extension of certain naval vessel loans now in existence and new loans, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That notwithstanding section 7307 of title 10, United States Code, or any other law, the President may extend on such terms and under such conditions as he deems appropriate the loan of ships, previously authorized as indicated, as follows: (1) Greece, one submarine (Act of October 4, 1961 (75 Stat. 815)) and, (2) Pakistan, one submarine (Act of October 4, 1961 (75 Stat. 815)). SEC. 2. Notwithstanding section 7307 of title 10, United States Code, or any other provision of law, the President may lend two destroyer escorts to the Republic of Vietnam and two destroyers and two submarines to the Government of Turkey in addition to any ships previously authorized to be loaned to these nations, with or without reimbursement and on such terms and under such conditions as the President may deem appropriate. All expenses involved in the activation, rehabilitation, and outfitting (including repairs, alterations, and logistic support) of ships transferred under this section shall be charged to funds programed for the recipient government as grant military assistance under the provisions of the Foreign Assistance Act of 1961, as amended, or successor legislation, or to funds provided by the recipient government. The authority of the President to lend naval vessels under this section shall terminate on December 31, 1971. SEC. 3. All new loans and loan extensions executed under this Act shall be for periods not exceeding five years, but the President may in his discretion extend such loans for an additional period of not more than five years. Any agreement for a new loan or for the extension of a loan executed under this Act shall be made subject to the condition that the agreement may be terminated by the President if he finds that the armed forces of the borrowing country have engaged, at any time after the date of such agreement, in acts of warfare against any country which is a party to a mutual defense treaty ratified by the United States. All loans and loan extensions shall be made on the condition that they may be terminated at an earlier date if necessitated by the defense requirements of the United States.

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