Volume 75
Public Law 87–243
To amend title VI of the Merchant Marine Act, 1936, as amended, in order to increase certain limitations in payments on account of operating-differential subsidy under such title.
Approved September 14, 1961
Statutory text
AN ACT
To amend title VI of the Merchant Marine Act, 1936, as amended, in order to increase certain limitations in payments on account of operating-differential subsidy under such title.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the third sentence
Merchant Marine Act, 1936, amendment.
Subsidy payments.
in the first paragraph of section 603(c) of such Act, as amended (46 U.S.C. 1173), is amended to read as follows: “Effective on and after July 1, 1962, such payments on account shall in no case exceed 90 per centum of the amount estimated to have accrued on account of such subsidy, except that, with respect to that part of the subsidy relating to any particular voyage, an additional 5 per centum may be paid to the contractor after such contractor’s audit of the voyage account for such voyage has been completed and the Secretary of Commerce has verified the correctness of the same.”
Approved September 14, 1961.