Page:United States Statutes at Large Volume 95.djvu/1551

 PUBLIC LAW 97-113—DEC. 29, 1981

95 STAT. 1525

any defense article which has passed three-quarters of its normal service life. "(b) Each lease agreement under this section shall be for a fixed duration of not to exceed five years and shall provide that, at any time during the duration of the lease, the President may terminate the lease and require the immediate return of the leased articles. "(c) Defense articles in the stocks of the Department of Defense may be leased or loemed to a foreign country or international organization only under the authority of this chapter or chapter 2 of part II of the Foreign Assistance Act of 1961, and may not be leased to 22 USC 23ii. a foreign country or international organization under the authority of section 2667 of title 10, United States Code. "SEC. 62. REPORTS TO THE CONGRESS.—(a) Not less than 30 days 22 USC 2796a. before entering into or renewing any agreement with a foreign country or international organization to lease any defense article under this chapter, or to loan any defense article under chapter 2 of part II of the Foreign Assistance Act of 1961, for a period of one year or longer, the President shall transmit to the Speaker of the House of Representatives, and to the chairman of the Committee on Foreign Relations of the Senate and the chedrman of the Committee on Armed Services of the Senate, a written certification which specifies— "(1) the country or international organization to which the defense article is to be leased or loaned; "(2) the type, quantity, and value (in terms of replacement cost) of the defense article to be leased or loaned; "(3) the terms and duration of the lease or loan; and "(4) a justification for the lease or loan, including an explanation of why the defense article is being leased or loaned rather than sold under this Act. "(b) The President may waive the requirements of this section (and Waiver. in the case of an agreement described in section 63, may waive the provisions of that section) if he determines, and immediately reports to the Congress, that an emergency exists which requires that the lease or loan be entered into immediately in the national security interests of the United States. "SEC. 63. LEGISLATIVE REVIEW.—(a)(1) In the case of any agreement 22 USC 2796b. involving the lease under this chapter, or the loan under chapter 2 of part II of the Foreign Assistance Act of 1961,toany foreign country or international organization for a period of one year or longer of any defense articles which are either (i) msgor defense equipment valued (in terms of its replacement cost less any depreciation in its value) at $14,000,000 or more, or (ii) defense articles valued (in terms of their replacement cost less any depreciation in their value) at $60,000,000 or more, the agreement may not be entered into or renewed if the Congress, within 30 calendar days after receiving the certification with respect to that proposed agreement pursuant to section 62(a), adopts a concurrent resolution stating that it objects to the proposed lease or loan. "(2) This section shall not apply with respect to a loan or lease to the North Atlantic Treaty Organization, any member country of that Organization, Japan, Australia, or New Zealand. Senate in accordance with the provisions of section 601(b) of the International Security Assistance and Arms Export Control Act of 1976.
 * (b) Any resolution under subsection (a) shall be considered in the

"(c) For the purpose of expediting the consideration and adoption of concurrent resolutions under subsection (a), a motion to proceed to

90 Stat. 765.

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