84 STAT. ]
PUBLIC LAW 91-469-OCT. 21, 1970
1033
(b) By striking out in the first sentence the words "31/^ per centum of the depreciated for e i ^ cost computed annually upon the basis of a twenty-five year life of the vessel." and inserting in lieu thereof "an amount equal to (i) the sum of a p e r c e n t a ^ of the depreciated foreign cost computed annually upon the basis of a twenty-five year life of the vessel determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the term of the charter, adjusted to the nearest one-eighth of 1 per centum, plus (ii) an allowance adequate in the judgment of the Secretary of Commerce to cover administrative costs." (c) By striking out of the last sentence of the first paragraph thereof the words "of 31/^ per centum per annum from the date of purchase." and inserting in lieu thereof, "from the date of purchase, at a rate not less than (i) a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, adjusted to the nearest oneeighth of 1 per centum, plus (ii) an allowance adequate in the judgment of the Secretary of Commerce to cover administrative costs " SBO. 23. Section 803 of the Merchant Marine Act, 1936 (46 U.S.C. 49 Stat. 2012; 1221), is amended by striking out the section in its entirety. ^^ ^*^*' ^^^' SEC. 24. Section 804 of the Merchant Marine Act, 1936 (46 U.S.C. 1222), is amended to read as follows: "SEC. 804. (a) Except as provided in subsections (b) and (c) of this section, it shall be unlawful for any contractor receiving an operatingdifferential subsidy under title VI or for any charterer of vessels 46 USC 1171. under title "VII of this Act, or any holding company, subsidiary, 46 USC 1191. affiliate, or associate of such contractor or such charterer, or any officer, director, agent, or executive thereof, directly or indirectly to own, charter, act as agent or broker for, or operate any foreign-nag vessel which competes with any American-flag service determined by the Secretary of Commerce to be essential as provided in section 211 of this Act.
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"(b) Under special circumstances and for good cause shown, the Secretary of Commerce may, in his discretion, waive the provisions of subsection (a) of this section as to any contractor, for a specific period of time. "(c) Upon application to the Secretary of Commerce the provisions of subsection (a) of this section shall not apply to the following specified activities of any contractor under title VI, or those in the foregoing specified relationship to him, who was not such a contractor on April 15, 1970, and who shall have complied with the requirement set forth in subsection (d) of this section: "(1) Until April 15, 1990— " (A) the continued ownership, charter, or operation of a foreign-flag vessel engaged in the carriage of dry or liquid cargoes in bulk which was owned, chartered, or operated by such contractor, or those in the foregoing specified relationship to him, on April 15, 1970; (B) the continued acting as agent or broker for a vessel described in subsection (c)(1)(A) of this section which is owned, chartered, or o p e r a t e by such contractor, or those in the foregoing specified relationship to him, and for which
Ante, p. 1018.
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