Page:United States Statutes at Large Volume 43 Part 1.djvu/499

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468 sixrr-mourn couensss. sm. 1. cn. 273. 1924. mtmxwsémm “(d) All such loans shall bear interest at rateslio by the ‘""°°‘ *’°&?`Z;t P“’*Ei°· ”‘3$ii§iF aiZ°3E;’éi1’§s E]§“4?,tZ'&“Z2c1{Qg1v,1§’iEgc0Z§¥l in r ri m 1 { _ md wise trad); or is inactive, the rate of interest shall be 1(lgt less k' °"°"“ °' 5 er centum r annum. During any interest eri in w 1 tlie Pvessel is opepsated in foreign trade, the rate shall be_not less than 4} per centum per annum. The board mag prescribe rules . for determining the amount of interest payable un er the provisions of this pa a h. L*¤¤*¤°“°¤¤- "§p) No ioanp shall be for a greater sum than one-half the cost of the vessel or to be constructed; or, than one-half the cost . Bmw of the equipment herembefore authorized for a vessel already built: rqmyeasé mowed on Preceded, however, If security is furmshed in addition to the °°,‘j;}gg§,g§;'§”"V· mortgage on the vessel or vessels, the board may increase the amount loaned, but such additional amount shall not exceed 0ne—half the market value of the additional security furnished, and in no case shall the total loan be for a greater sum than two—thirds of the cost of the vwsel or vessels to be constructed; or, than two·thirds of the cost of the equipment, and its installation, for vessels already . built. ti£t§,iZ”y£°Lf1`iYl° “(fg0 The shall rieguire secnpgtty api it shall deem neges; sa msure comp e ion o e co ruc on or equipmen o m thbyvessel within a reasonable time and the repayment of the loan ¤¤1;e°r§p"n$°€i¤¤’i>°:ve§§% with interest; when the vessel is completed the security shall include M a preferred mortgage Brin tllie vessel, comlplymp with llzhe provisions V°*-*‘·¥’·‘ · of section 30 of the 01'C ant Marine ct 920 w ich mortga shall contain appropriate covenants and provisions to insure tig proper physieia maintenance of the vesselialspld its fproteclgpg a 111Sl3·BIlS ortaxes,penalties,c` or` "tiesoan ' m“i>Zi°iuipe§°:»*ls.e. ms w§»;tever, which mliht impair the secéuriity for the ilebl;0 TIE shall a contain an o er covenants an provisions the a may prescribe inclnmfing a provision for the_summary maturing of the I on i t 8,, entire debt, for causes to be enumerated in the mortgage insymblo em, re. “(g) The board shall also require and the securit furnished shall ¤““’°°· provide that the owner of the vessel shall keep the same insured against loss or damage by fire, and against marine risks and disasterrs, and against any and all other insurablerisks the board specihe? wigh suclih ipsuranct; corppames, ssiocxatilclns or nmdetrwnteis, an un er su orms 0 poicies an o suc an t board may prescribe or approve; such insurance shalllbiiuxiliadgs ay? ,,,,,’;$,'{§ "’“‘°°°’ able to_the board and/or to the parties, as interest may appear. Bfbe board is authoiilized to entpr ulitofanyhagreement that it eems wise in respect to the naymen an or the guarantee of 'u f I insurance.” _ Prem] .ms 0

 ° Sec. 2. That section 12 of the Merchant Marine Act, 1920, bo,

V¤*·**»¤·°°& and the amehii heregy, alnlanded by adding at the end thereof a remtonneoeemm “°"’,f,’,*;“*gmP ° ma . €‘S ° owsi modem,etc.,i¤\81’¤al- “ e term ‘recond1t1oued’ as used in this secti 1 d th iiigiiiiiiiizhuwgs. °° substitution of the most modern, most eilicient, and iiilbsingcblnginical H en ms bum in types of internal·c0mbl1Stion engines as the main propulsive power United germs for the of vessels. Should_ the board have any such engines built m the gwqgregekggggfxgmgé; glnitéd _§t3t§t ind mstalled, in private sgipyards or navy (yards of Sus,psyme¤»{;»1r,¤;ey E. 111 e a es in one or more mere an ves l b th ‘{,f,,,_,‘f}§‘§? "° I ‘“‘ United States, and the cost to the board of such iiigtsaltlixtilsn exiceedg the amount of funds otherwise available to it for that use, the board may transfepe to {ls f£llIld§ from which cixpenditures under this section may pai om its construction oa fund th ed b section 11 tl; the Merchezlt Marin§lAct, 1920, sg much aislinohisjudgsf ,_ ment may necessary meet o igations und t ts f T"‘°"°"’°"""“"· installation; and the Treasurer of the Unitedelétfzigigsrzlialoztsutfrld