104 STAT. 3666 PUBLIC LAW 101-624—NOV. 28, 1990 (1) the vessel is documented under the laws of the United States; (2) the Secretary receives an application for such designation submitted in accordance with regulations issued by the Secretary under subsection (d); (3) the owner of the vessel enters into an agreement in accordance with subsection (b); (4)(A) the vessel is not more than 6 years old, and not less than 1 year old, on the effective date of the designation; or (B) the vessel is not more than 11 years old, and not less thein 1 year old on the effective date of the designation, and the Secretary determines that suitable vessels are not available for providing the type of service for which the vessel will be used after designation; and (5) the vessel has not been previously designated as an American Great Lakes vessel. (b) CONSTRUCTION AND PURCHASE AGREEMENT.—As a condition of designating a vessel as an American Great Lakes vessel under this section, the Secretary shall require the person who will be the owner of the vessel at the time of that designation to enter into an agreement with the Secretary which provides that if the Secretary determines that the vessel is necessary to the defense of the United States, the United States Government shall have, during the 120- day period following the date of any revocation of such designation under section 1524, an exclusive right to purchase the vessel for a price equal to— (1) the approximate world market value of the vessel; or (2) the cost of the vessel to the owner less an amount representing reeisonable depreciation of the vessel; whichever is greater. (c) CERTAIN FOREIGN REGISTRY AND SALE NOT PROHIBITED. —Notwithstanding any other provision of law, if the United States does not purchase a vessel in accordance with its right of purchase under a construction and purchase agreement under subsection (b), the owner of the vessel shall not be prohibited from— (1) transferring the vessel to a foreign registry; or (2) selling the vessel to a person who is not a citizen of the United States. (d) ISSUANCE OF REGULATIONS. — Not later than 60 days after the date of the enactment of this Act, the Secretary shall issue regulations establishing requirements for submission of applications for designation of vessels as American Great Lakes vessels under this section. 46 USC app. SEC. 1523. RESTRICTIONS ON OPERATIONS OF AMERICAN GREAT LAKES 1241s. VESSELS. (a) IN GENERAL.— Subject to subsection 0?), an American Great Lakes vessel shall not be used— (1) to engage in trade— (A) from a port in the United States that is not located on the Great Lakes; or (B) between ports in the United States; (2) to carry bulk cargo (as that term is defined in section 3 of the Shipping Act of 1984 (46 U.S.C. App. 1702(4)) which is subject to section 9010t)) or 901b of the Merchant Marine Act, 1936 (46 U.S.C. App. 1241(b) or 1241f), or section 2631 of title 10, United States Code; or
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