Public Law 86–482

That, notwithstanding

Canada and China.

Submarine and vessel loan.

70A Stat. 452.

section 7307 of title 10, United States Code, or any other law, the President may extend the loan of one destroyer 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 loan authorized under this Act is an

Extension.

extension of the loan made under the authority granted by the Act of August 5, 1953 (67 Stat. 363).

Sec. 3.

Extension shall be for a period of not to exceed five years

Period and condition.

and shall be made on the condition that it 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

Report to Congress.

of all extensions made under authority of this Act.

Sec. 5.

Notwithstanding section 7307 of title 10, United States Code, or any other law, the President may, under conditions which he prescribes, lend one submarine to the Government of Canada for a period of not more than five years and may, in his discretion, extend such loan for an additional period of not more than five years. All expenses involved in the activation of this submarine including repairs, alterations, outfitting, and logistic support shall be paid by the Government of Canada. The authority of the President to transfer a submarine

Termination date.

under this section terminates on December 31, 1961.