46 USC 1101 et seq. 68 Stat. 1274, 68 Stat. 1275. 46 USC 1275. Prior loans } refinancing. charter, or sell any property acquired by him pursuant to the assignment as provided in this section and may place the mortgaged vessel in the national defense reserve or may sell the same upon competitive bids for not less than the minimum sales price provided by the Merchant Marine Act, 1936, as amended. The buyer shall be required to make cash payment to the Secretary of Commerce of not less than 25 per centum of the sales price, and the balance shall be paid in equal annual installments over the remaining period of the expected useful life of such vessel. Interest at the rate of 32 per centum per annum shall be paid on all such installments of the purchase price remaining unpaid. "(e) Any contract or commitment of insurance entered into by the Secretary of Commerce under the provisions of this title shall not be terminated, canceled, or otherwise revoked for any reason, except as provided in section 1105 of this title, and shall be conclusive evidence that the mortgage or loan complies fully with the provisions of this title and of the approval of the principal amount, interest rate, and all other terms of the mortgage or loan and of the mortgagor or borrower and of the mortgagee or lender; and any contract or commitment of insurance so entered into shall be incontestable from the date as of which such contract or commitment is entered into, except for fraud, duress, or mutual mistake of fact." SEC. 6. Section 1106 (46 U. S. C. 1276) is amended to read as follows: "No provision of this title shall be construed to authorize the Secretary of Commerce to insure a mortgage securing any loan or advance made prior to the enactment of this title, and no mortgage shall be insured for refinancing in whole or in part any existing mortgage indebtedness except "(1) where a substantial portion of the total amount to be secured by the new mortgage, not to extend beyond the maturity date of the original mortgage, shall be applied to new construction, reconditioning, or reconstruction of one or more of the mortgaged vessels: Provided, however, That the aggregate amount of all mortgages insured under this paragraph and outstanding at any one time shall not exceed $20,000,000. and provided that all of the eligibility requirements of section 1104 (46 U. S. C. 1274) not inconsistent with this paragraph are complied with; "(2) where the Secretary of Commerce has insured a mortgage under the provisions of this title, and the mortgagor thereafter makes application to the mortgagee or another lender for an additional loan or advance for reconditioning or reconstructing the mortgaged property, the Secretary of Commerce may insure a new mortgage, not to extend beyond the maturity date of the original mortgage, in the amount of the principal outstanding balance of the original mortgage plus the amount of the additional loan, provided the amount of the additional loan is within the limits of paragraph (2) of subsection (a) of section 1104 (46 U. S. C. 1274) and the new mortgage conforms to the eligibility requirements of all the other paragraphs of said subsection (a); "(3) where the Secretary of Commerce has insured a mortgage under the provisions of this title, the Secretary of Commerce may insure a new mortgage for the purpose of refunding such mortgage: Provided, That the principal amount of the new mortgage shall not exceed the then unpaid principal amount of the original mortgage; that the interest rate on the new mortgage shall not be higher than the interest rate on the original mortgage; that the maturity date of the new mortgage shall not be later than the maturity date of the original mortgage; and that the new mortgage shall otherwise conform to the eligibility requirements of subsection (a) of section 1104 (46 U. S. C. 1274); or "(4) the Secretary of Commerce may insure mortgages given to finance the purchase of vessels theretofore acquired by the fund under the provisions of section 1105 (46 U. S. C. 1275) and to secure loans or advances made for reconditioning and reconstruction of such vessels." SEC. 7. Section 1107 (46 U. S. C. 1277) is amended to read as follows: "Whoever, for the purpose of obtaining any loan or advance of False statecredit from any person, partnership, association, or corporation with ment, etc. the intent that such loan or advance of credit shall be offered to or 8 Stat. 1275. accepted by the Secretary of Commerce for insurance, or for the pur- 68 Stat. 1276. pose of obtaining any extension or renewal of any loan, advance of credit, or mortgage insured by the said Secretary of Commerce, or the acceptance, release, or substitution of any security on such a loan, advance of credit, or for the purpose of influencing in any way the action of the said Secretary of Commerce under this title, makes, passes, utters, or publishes, or causes to be made, passed, uttered, or published any statement, knowing the same to be false, or alters, forges, or counterfeits, or causes or procures to be altered, forged, or counterfeited, any instrument, paper, or document, or utters, publishes, or passes as true, or causes to be uttered, published, or passed as true, any instrument, paper, or document, knowing it to have been altered, forged, or counterfeited, or willfully overvalues any security, asset, or income, shall be guilty of a misdemeanor and punished as provided under the first paragraph of section 806 (b) of this Act." 46 USC 1228. SEC. 8. Section 1108 (46 U. S. C. 1278) is amended to read as follows: "The Secretary of Commerce is authorized and directed to make Rules and such rules and regulations as may be deemed necessary or appropriate regulations. to carry out the purposes and provisions of this title." SEC. 9. Section 1109 (46 U. S. C. 1279) is amended to read as follows: "There is hereby authorized to be appropriated the sum of $1,000,- Appropriation. 000 and such further sums as may be necessary to carry out the provisions of this title." Approved September 3, 1954. To provide transportation on Canadian vessels between ports in southeastern Alaska, and between Hyder, Alaska, and other points in southeastern Alaska or the continental United States, either directly or via a foreign port, or for any part of the transportation. on Canadian Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That, until June Alaska. 30, 1956, notwithstanding the provisions of law of the United States Transportation restricting to vessels of the United States the transportation of passen- vessels. gers and merchandise directly or indirectly from any port in the United States to another port of the United States, passengers may be transported on Canadian vessels between ports in southeastern Alaska, and passengers and merchandise may be transported on Canadian vessels between Hyder, Alaska, and other points in southeastern Alaska or the continental United States, either dírectly or via a foreign port, or for any part of the transportation. Approved May 7, 1955. 1st Session H. R. 4646 AN ACT To amend section 4421 of the Revised Statutes, in order to remove the requirement as to verifying under oath certain certificates of inspection, and for other purposes. of inspection. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 4421 of Vessels. the Revised Statutes (46 U. S. C. 399), is amended to read as follows: "4421. When the inspection of a steam vessel is completed and the Certificates Secretary of the Department in which the Coast Guard is operating approves the vessel and her equipment throughout, he shall make and subscribe a certificate to that effect. He shall deliver such certificate to the master or owner of the vessel to which it relates, shall keep one copy thereof on file in his office, and shall deliver one copy to the official who is performing the duties of the collector or other chief officer of the customs of the district in which such inspection has been made, who shall keep the same on file in his office. If the Secretary refuses to grant a certificate of approval, he shall make a statement in writing and sign the same, giving the reasons for his disapproval. Upon such inspection and approval the Secretary shall also make and Temporary subscribe a temporary certificate, which shall set forth substantially certificates. the fact of such inspection and approval, and shall deliver the same to the master or owner of the vessel and shall keep a copy thereof on file in his office. The said temporary certificate shall be carried and exposed by vessels in the same manner as is provided in section 4423 for the regular certificate, and the form thereof and the period 46 USC 400. during which it is to be in force shall be as prescribed under the author ity of section 4405. And such temporary certificate, during such 46 USC 375. period and prior to the delivery to the master or owner of the regular certificate, shall take the place of and be a substitute for the regular certificate of inspection, as required by this section and by section 4426, 46 USC 404. and for the purposes of said sections. Such temporary certificate shall also be subject to revocation in the manner and under the conditions provided in section 4453. No vessel required to be inspected 46 USC 435. under the provisions of this title shall be navigated without having on board an unexpired regular certificate of such inspection or such temporary certificate: Provided, however, That any such vessel operated Completion of upon a regularly established line from a port of the United States to voyage after a port of a foreign country not contiguous to the United States whose expiration. certificate of inspection expires at sea or while said vessel is in a foreign port or a port of Hawaii may lawfully complete her voyage without the regular certificate of inspection or the temporary certificate required by this section, and no liability for penalties imposed by this title for want of such certificate shall be incurred until her 69 Stat. 86. voyage shall have been completed: Provided, That said voyage shall 69 Stat. 87. be so completed within thirty days after the expiration of said certificate or temporary certificate: Provided further, That no such vessel whose certificate of inspection shall expire within fifteen days of the Restriction. |