Volume 92 · 194
Public Law 95–257
To amend title XI of the Merchant Marine Act, 1936, to permit the guarantee of obligations for financing fishing vessels in an amount not exceeding 87½ per centum of the actual or depreciated actual cost of each vessel.
Approved April 7, 1978
Statutory text
An Act
To amend title XI of the Merchant Marine Act, 1936, to permit the guarantee of obligations for financing fishing vessels in an amount not exceeding 87½ per centum of the actual or depreciated actual cost of each vessel.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 1104 (b)(2) of the Merchant Marine Act, 1936 (46 U.S.C. 1274(b)(2)), is amended by striking the semicolon at the end thereof, and inserting in lieu thereof a colon and the following: “Provided, further, That in the case of any vessel to be used in the fishing trade or industry, such obligations may be in an aggregate principal amount which does not exceed 87½ per centum of the actual cost or depreciated actual cost of the vessel;”.
Approved April 7, 1978.