Public Law 86–57

That, notwithstanding section 7307 of title 10, United States Code, or any other law, the President may extend the loan of two submarines to the Government of Italy, the loan of two submarines to the Government of Turkey, and the loan of two destroyers to the Government of the Republic of China on such terms and under such conditions as he deems are appropriate. The President may promulgate such rules and regulations as he deems necessary to carry out the provisions of this Act.

Sec. 2.

The extension of the loans to Italy and the Republic of

Extension of loans.

China authorized under this Act are extensions of loans made under the authority granted by the Act of August 5, 1953 (67 Stat. 363). The extension of the loan to Turkey authorized under this Act is an extension of the loan made under the authority granted by the Act of August 7, 1953 (67 Stat. 471).

Sec. 3.

Extensions shall be for periods of not to exceed five years and shall be made on the conditions that they may be terminated at an earlier date if necessitated by the defense requirements of the United States.

Sec. 4.

No loan may be extended under this Act unless the Secretary of Defense, after consultation with the Joint Chiefs of Staff, determines that such extension is in the best interest of the United States. The Secretary of Defense shall keep the Congress currently advised of all extensions made under authority of this Act.