7H
Extensions. 46 USC 1161.
Great L a k e s, etc.
Vessels over 20 years. 46 USC 1175. Infra.
Report.
46 USC 1176.
e apital reserve fund. 46 USC 1177.
PUBLIC LAW 5 8 6 - J U L Y
17, 1952
[66
STAT.
"(B) in case of a vessel or vessels not constructed under the provisions of this title or not purchased from the Commission, (i) 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 centum) as estimated by the Commission and certified by it to the Secretary of the Treasury, and (ii) all construction under such contract is completed with reasonable dispatch thereafter; "(2) for the liquidation of existing or subsequently incurred purchase-money indebtedness to persons other than a parent company of, or a company affiliated or associated with, the mortgagor on a new vessel or vessels within (i) two years from the date of deposit or the date of any extension thereof which may be granted by the Commission pursuant to the provisions of section 511(h), in the case of deposits made prior to the date on which these amendatory provisions become effective, or (ii) three years from the date of such deposit in the case of a deposit made after such effective date." SEC. 13. (a) Section 511(h) of such Act is amended by striking out the proviso thereto and substituting the following: 'Provided, That until March 31, 1953, in addition to the extensions hereinbefore permitted, further extensions may be granted ending not later than September 30, 1953". (b) Section 511(i) of such Act is amended by inserting after the words "portion thereof" in the second sentence the following: "with respect to a deposit made in any taxable year ending on or before June 30, 1945". SEC. 14. Section 511 of such Act is amended by adding at the end thereof a new subsection to read as follows: "(o) The terms 'reconstruction and reconditioning', as used in this section, shall include the reconstruction, reconditioning, or modernization of a vessel for exclusive use on the Great Lakes, including the Saint Lawrence Kiver and Gulf, if the Commission determines that the objectives of this Act will be promoted by such reconstruction, reconditioning, or modernization, and, notwithstanding any other provisions of law, such vessel shall be deemed to be a 'new vessel' within the meaning of this section for such reconstruction, reconditioning, or modernization." SEC. 15, Section 605(b) of such Act is amended to read as follows: "(b) No operating-differential subsidy shall be paid for the operation of a vessel that is more than twenty years of age except one whose life expectancy has been determined as provided in section 607(b) for a period in no case to exceed the life expectancy determined thereunder, unless the Commission finds that it is to the public interest to grant such financial aid for the operation of such vessel and enters a formal order thereon, and the Commission shall include in each annual report a full report covering each case in which such exception is made, with the reasons therefor." SEC. 16. Clause (5) of section 606 of such Act is amended by striking out the phrase "twenty-year life expectancy of the subsidized vessels" and inserting in lieu thereof the following: "life expectancy of the subsidized vessels determined as provided in section 607(b). " SEC. 17. Section 607 ^b) of such Act is amended by amending that part of the second sentance preceding the proviso to read as foflows: "In this fund the contractor shall deposit annually or oftener, as the
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