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74'rx C ONGRESS . SESS. II . CH. 858. JUNE 29, 1936 . the fair actual value thereof, but in no event shall such payment exceed the actual depreciated construction cost thereof (to get her with the actual depreciated cost of capital improvements thereon, but excluding the cost of national-defense features) less the depre- ciated amount of construction subsidy theretofo re paid incident to Depreciation,compu- the construction or reconditioning of such vessel or vessels . In com- tation of. puting the value of such vessel e preci ation shal l be compu ted o n each vessel on the schedule adopted by the Bureau of Internal Revenue for income-tax purposes . T itle pr ovision .
The foregoing provision respecting the requisition or the acquisi- tion of ownership by the United States shall ru n with the title to such vessel or vessels and be binding on all ow ners thereof . Restriction on em- SEC . 803 . It shall be unlawful for any contractor receiving an ployment of con ce rn, etc ., in whic h con- operating-differential subsidy under title VI o r for any charterer tractor d financially under title VII of this Act to employ any person or concern per- forming or supplying stevedoring, ship-repair, ship-chandler, tow- boat, or kindred services to supply such services to the operator's subsidized or chartered vessels if such contractor, or any subsidiary comp any, holdi ng co mpany , aff iliat e com pany, or a ssoci ate c ompan y of such contractor, or any officer, director, or employee of such contrac tor, or a ny membe r of the immediat e family of any su ch contractor, officer, director, or employee, or any member of the imme- diate family of any officer, director, or employee, of such subsidiary company, holding company, affiliate company, or associate company of such contractor, owns any pecuniary interest directly or indirectly in the person or concern supplying such services to the contractor's subsidized or chartered vessels or receives any payment or other thing of value directly or indirectly as a result of such employment Provisos.
or services : Provided, That, with the express written approval of the Service by su bsidiar y wh olly ow ned by con - Commission, such contractor or a subsi iary company wholly owned tractor .
by such contractor may perform such services to its own vessels if the profits, if any, of such subsidiary company or companies with respect to such services shall become a part of the earnings of such contractor and shall be accounted for as provided in clause 5 of see- pan es, use oftermin tion 606 : Provided further, That the contractor may, in the discretion facilities .
of the Commission, contract with a holding company, affiliate com- pany, or associate company of such contractor for the use of terminal facilities by such contractor, if the contract is approved by the Commi ssion . Contractor connected SEC. 804. It shall be unlawful for any contractor receiving an with foreign competi- ti on, restriction on operating-differential subsidy under title VI or for any charterer of subsidy to. vessels under title VII of this Act, or any holding company, sub- sidiary, affiliate, or associate of such contractor or such charterer, or any officer, dire ctor, agent, or executive thereof, directly or indirectly, to own, charter, act as agent or broker for, or operate any foreign-flag vessel which competes with any American-flag service determine by the Commission to be essential as provided Ante, p.1989.
In section 211 of this Act : Provided, however, That under special Waiver
circumstances an d d for cod cause shown the Commission may, in per mitte d .
g
, its discretion, waive the provisions of this section as to any co n- Ante, p. 1985.
tractor, by affirmati ve vote of four of its members, except as o therw ise p rovid ed in subs ectio n 201 (a) . Contractor or char- SEC . 805 . (a) It shall be unlawful to award or pay any subsidy t erer ow ning or operat - ing vessel in domestic to any contractor under authority of title VI of this Act, or to rote service . or coast- wise service charter any vessel to any person under title VII of this Act, if said co ntractor o r chartere r, or any holding co mpany, sub sidiary, a ffiliate, or associate of such c ontractor or charter er, or any officer, director, agent, or executive thereof, directly or indirectly, shall own, operate, or charter any vessel or vessels engaged in the domestic intercoastal
