Volume 75
Public Law 87–222
To amend title V of the Merchant Marine Act, 1936, in order to clarify the construction subsidy provisions with respect to reconstruction, reconditioning and conversion, and for other purposes.
Approved September 13, 1961
Statutory text
AN ACT
To amend title V of the Merchant Marine Act, 1936, in order to clarify the construction subsidy provisions with respect to reconstruction, reconditioning and conversion, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 2 of the Act of July 7, 1960 (Public Law 86–607, 74 Stat. 362), is amended to read as follows:
“The amendment made by this Act shall be effective only with respect to any contract entered into not later than two years after the date of enactment of this Act under the provisions of section 502
of the Merchant Marine Act, 1936, with respect to (a) the construction of a vessel the keel of which was laid, or (b) the reconstruction or reconditioning of a vessel the shipyard contract for which was entered into after June 30, 1959, and the Federal Maritime Board may, with the consent of the parties thereto, modify any such contract entered into prior to the date of enactment of the first amendment to Public Law 86–607 (74 Stat. 362), to the extent authorized by the amendment made by this Act, as amended.”
Approved September 13, 1961.