PUBLIC LAWS-CH. 130-JUNE 17, 1943 Manner and time of expenditure. Time extensions. no amount shall be considered as deposited in a construction reserve fund unless it is deposited within sixty days after it is received by the taxpayer except that (1) in the case of amounts received before December 10, 1940, the deposit may be made not later than February 7, 1941, and (2) in the case of amounts received at any time between May 27, 1941, and the date of enactment of this amendatory clause. the deposit of which by the taxpayer is authorized by the amend- ments to subsection (b), the taxpayer may make such deposit at any time within one hundred and twenty days from such date of enact- ment, and the Commission may approve any such deposit previously made if, in other respects, it complies with the provisions of this section, as amended." (c) Subsection (g) of such section is amended to read as follows: "(g) The provisions of subsections (c) and (f) shall apply to any deposit in the construction reserve fund only to the extent that such deposit is expended or obligated for expenditure, in accordance with rules and regulations to be prescribed jointly by the Commission and the Secretary of the Treasury, under a contract for the construction or acquisition of a new vessel or vessels (or in the discretion of the Commission, for a part interest therein) entered into within two years from the date of such deposit only if under such rules and regula- tions- "(1) within such period of two years not less than 121/2 per centum of the construction or contract price of the vessel or ves- sels is paid or irrevocably committed on account thereof and the plans and specifications therefor are approved by the Commission to the extent by it deemed necessary; and "(2) in case of a vessel or vessels not constructed under the provisions of this title or not purchased from the Commission, (A) said construction is completed, within six months from the date of the construction contract, to the extent of not less than 5 per centum thereof (or in case the contract covers more than one vessel, the construction of the first vessel so contracted for is so completed to the extent of not less than 5 per centunm) as estimate(d by the Commission and certified by it to the Secre- tary of the Irelasury, and (B) all construction under such contract is comnpleted with reasonable dispatch thereafter." (d) Subsection (h) of such section is amended to read as follows: "(h) The Commission is authorized under rules and regulations to be prescribed jointly by the Secretary of the Treasury and the Com- mission to grant extensions of the period within which the deposits shall be expended or obligated or within which construction shall have plrogressed to the extent of 5 per centum of completion as pro- vided herein, but such extension shall not be for an aggregate addi- tional period in excess of two years with respect to the expenditure or obligation of such deposits or more than one year with respect to the progress of such construction: Provided,however, That until the termination of the present war or until such earlier time as the Congress by concurrent resolution or the President may designate, in addition to the extensions hereinbefore permitted, further exten- sions may be granted ending not later than six months after such termination of the present war or such earlier date as may be so designated." Approved June 17. 1943. [57 STAT.
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