52 STAT.] 75TH CONG. , 3D SESS.-CH. 600-JUNE 23, 1938 "P ERMANENT LABOR POLICY "SEC. 1010. On or before March 1, 1940, the Board shall submit to the President and to Congress a comprehensive plan for the estab- lishment of a permanent Federal policy for the amicable adjustment of all disputes between maritime employers and employees and for the stabilization of maritime labor relations. As far as may be, the Board shall seek to secure through its mediatory efforts agree- ment between maritime employers and employees upon the plan it is hereby required to submit. " AUTHORIZATION "SEC. 1011. There is hereby authorized to be appropriated such sums as may be necessary for expenditure by the Board in carrying out the provisions of this title. "SEC. 1012. This title shall expire at the end of three years from the date of its enactment." SEC. 46. The Merchant Marine Act, 1936, is amended by adding at the end thereof a new title to read as follows: "TITLE XI-FEDERAL SHIP MORTGAGE INSURANCE "SEC. 1101. As used in this title- "(a) The term 'mortgage' means a preferred mortgage as defined in the Ship Mortgage Act, 1920, as amended; "(b) The term 'vessels' includes all types of passenger, cargo, and combination passenger-cargo carrying vessels, tugs, towboats, barges, and dredges documented under the laws of the United States, and fishing vessels owned by citizens of the United States; "(c) The term 'mortgagee' includes the original lender under a mortgage and his successors and assigns approved by the Commis- sion; "(d) The term 'mortgagor' includes the original borrower under a mortgage and his successors and assigns approved by the Commis- sion; and "(e) The term 'maturity date' means the date on which the mort- gage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage. "SEC. 1102. There is hereby created a Federal ship mortgage insur- ance fund (hereinafter referred to as the 'fund') which shallbe used by the Commission as a revolving fund for the purpose of carrying out the provisions of this title, and there shall be allocated to such fund the sum of $1,000,000 out of funds made available to the Com- mission under the appropriation authorized by section 1109. Moneys in the fund shall be deposited in the Treasury of the United States to the credit of the fund or invested in bonds or other obligations of, or guaranteed as to principal and interest by, the United States. The Commission may, with the approval of the Secretary of the Treasury, purchase debentures issued under the provisions of section 1105. Such purchases shall be made at a price which, on a yield basis, would provide an investment yield of not less than the yield obtainable from other investments (having comparable maturity dates) authorized by this section. Debentures so purchased shall be canceled and not reissued. "SEC. 1103. The Commission is authorized, upon application by the mortgagee, to insure as hereinafter provided any mortgage offered to it which is eligible for insurance as hereinafter provided and, upon such terms as the Commission may prescribe, to make commit- ments for the insuring of any such mortgage prior to the date of execution or disbursement thereon. The aggregate amount of prin- 969 Permanent labor policy. Submission of plan for establishment to President and Con- gress. Appropriations authorized. Post, p. 1117. Duration of title. 49 Stat. 2017. 46 U. S. C., Supp. III, ch. 27. Title XI-Federal Ship Mortgage In. surance. Definitions. "Mortgage." 41 Stat. 1000. 46U.S.C.§911; Supp. III, § 922. "Vessels." "Mortgagee. " "Mortgagor. " "Maturity date. " Federal ship mort- gage insurance fund created. Post, p. 1119. Sum allocated. Post, p. 973. Purchase of deben- tures. Insurance of mort- gages.
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