Public Law 92–270

That, notwithstanding section 7307 of title 10, United States Code, or any other provision of law, the President may lend five destroyers and two submarines to the Government of Spain; one destroyer and two submarines to the Government of Turkey; two destroyers to the Government of Greece; two destroyers to the Republic of Korea; and two submarines to the Government of Italy in addition to any ships previously authorized to be loaned to these nations, with or without reimbursement and on such terms and under such conditions as the President may deem appropriate. All expenses involved in the activation, rehabilitation, and outfitting (including repairs, alterations, and logistic support) of ships transferred under this Act shall be charged to funds programed for the, recipient government as grant military assistance under the provisions of the

75 Stat. 424.

22 USC 2151 note.

Presidential authority, termination date.

Loan periods.

Foreign Assistance Act of 1961, as amended, or successor legislation, or to funds provided by the recipient government. The authority of the President to lend naval vessels under this section shall terminate on December 31, 1974.

Sec. 2.

Loans executed under this Act shall be for periods, not exceeding five years, at the end of which, each ship shall be returned to the United States Navy at a location to be designated by the Secretary

Termination conditions.

of Defense. Loans executed under this Act shall be made subject to the condition that the loan may be terminated by the President if he finds that the armed forces of the borrowing country have engaged at any time after the date of such loan, in acts of warfare against any country which is a party to a mutual defense treaty ratified by the United States. Loans shall be made on the condition that they shall be terminated at an earlier date if the President determines they no longer contribute to the defense requirements of the United States.

Sec. 3.

No loan may be made under this Act unless the Secretary of Defense, after consultation with the Joint Chiefs of Staff, determines that such loan is in the best interest of the United States. The Secretary

Information to Congress.

of Defense shall keep the Congress currently advised of all loans made or extended under this Act.

Sec. 4.

The President may promulgate such rules and regulations as he deems necessary to carry out the provisions of this Act.

Sec. 5.

Any loan made to a country under this Act shall not be construed as a commitment by the United States to the defense of that country.