Page:United States Statutes at Large Volume 88 Part 2.djvu/649

 88 STAT. ]

PUBLIC LAW 93-605-JAN. 2, 1975

1965

amended by deleting the word "annually" therefrom. AMENDMENT WITH RESPECT TO AUDIT OF THE GOVERNMENT PRINTING OFFICE

SEC. 707. The third sentence of subsection 309(c) of title 44 of the United States Code is amended to read as follows: "The Comptroller cfn"'^es's^ind General shall audit the activities of the Government Printing Office Public Printer. at least once in every three years and shall furnish reports of such audits to the Congress and the Public Printer.". TITLE VIII — L I M I T A T I O N OF T I M E ON C L A I M S A N D DEMANDS SEC. 801. Section 1 of the Act of October 9, 1940 (54 Stat. 1061, ch. 788), is amended by deleting the phrase "10 full years" and substituting "6 years" therefor. SEC. 802. The amendment provided for in section 801 shall go into effect 6 months after the date of enactment and will have no effect on claims received in the General Accounting Office before that time. Approved January 2, 1975.

^^ "sc 71 a. Effective date. note.

Public Law 93-605 AN ACT

January 2, 1975

To amend section 510 of the Merchant Marine Act, 1936.

[ H. R. 12427]

Be it enacted by the Senate and House of Representatives of the ess l United States of Atnenca in Congress assembled, That subsection 510 Vx c h e nsg.e. E a (i) of the Merchant Marine Act, 1936 (46 U.S.C. 1160(i)) is amended to read as follows: "(i) The Secretary of Commerce is authorized, within two years after enactment of this subsection, to acquire mariner class vessels constructed under title VII of this Act and Public Law 911, Eighty- 46 USC 1191 first Congress, in exchange for obsolete vessels in the National Defense ^^ ^* ^22^' Reserve Fleet that are scheduled for scrapping. For purposes of this subsection, the traded-in and traded-out vessels shall be valued at the higher of their scrap value in domestic or foreign markets as of the date of the exchange: Provided, That in any exchange transactions the value assigned to the traded-in and traded-out vessels will be determined on the same basis. The value of the traded-out vessel shall be as nearly as possible equal to the value of the traded-in vessel plus the fair value of the cost of towing the traded-out vessel to the place of scrapping. To the extent the value of the traded-out vessel exceeds the value of the traded-in vessel plus the fair value of the cost of towing, the owner of the traded-in vessel shall pay the excess to the Secretary of Commerce in cash at the time of the exchange. This excess shall. vessel operabe deposited into the Vessel Operations Revolving Fund and all costs F°nd. ^^° ^ "^ incident to the lay-up of vessels acquired under this xlct may be paid from balances in the Fund. No payments shall be made by the Secretary of Commerce to the owner of any traded-in vessel in connection with any exchange under this subsection. Notwithstanding the provisions of sections 9 and 37 of the Shipping Act, 1961, vessels traded '^^ "^"^ ^°^' out under this subsection may be scrapped in approved foreign markets. The provision of this subsection (i) as it read prior to this amendment shall govern all transactions made thereunder prior to this amendment.".

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