Volume 68 · 482
Public Law 83–496
To authorize the sale of certain vessels to Brazil for use in the coastwise trade of Brazil.
Approved July 15, 1954
Statutory text
AN ACT
To authorize the sale of certain vessels to Brazil for use in the coastwise trade of Brazil.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the Secretary
Brazil.
Sale of vessels.
of Commerce is authorized, at any time prior to twenty-four months from the date of enactment of this Act, to transfer to the Government of Brazil or to citizens of Brazil title to not more than twelve ClMAV–1 type merchant vessels under the following conditions:
After consultation with the Secretary of State it is determined
Conditions.
that the sale of such ships to Brazil will contribute to the economic development of Brazil, and such sales would serve the interest of the foreign policy of the United States;
After consultation with the Secretary of Defense it is determined that the sale of such vessels would not adversely affect the defense of the United States;
After investigation it is determined that there are no privately owned C1–MAV–1 type vessels offered and available for sale by American citizens as defined in section 2 of the Shipping Act, 1916, as amended, at prices equal to or less than, and upon credit terms similar to, those provided for below;
The sale of such vessels shall be at prices determined under
50 USC app. 1736.
section 3 of the Merchant Ship Sales Act, 1946, as amended, as-is, where-is;
At the time of sale the purchasers shall pay at least 25 per centum of the price determined under subsection (d). The Secretary of Commerce, after consultation with the National Advisory Council on International Monetary and Financial Problems, shall fix the terms of payment on unpaid balances, which terms shall in no event be more favorable than the terms applicable in the case of sales to citizens of the United States;
The obligation of the purchasers with respect to the payment of such unpaid balance of the purchase price and interest thereon shall be secured by a mortgage which shall contain, among others, provisions according to such mortgage, the priorities over other liens and encumbrances accorded such mortgages on merchant vessels under the laws of the country to which the registry of the vessels is transferred; and
Every transfer under the authority of this Act, including transfers under the authority of section 9, or section 37, of the Shipping
Act, 1916, within the intent of subsection (c) hereof, shall be subject to an agreement by the Government of Brazil that the vessels whether under mortgage to the United States or not shall not engage in international trade or in other than the coastwise trade of Brazil.
Approved July 15, 1954.