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SEC. 4. When the term of office of either the United States marshal ^ s^^°a"sha^"* °^ for the Eastern District of South Carolina or the United States marshal for the Western District of South Carolina, holding office on the date of enactment of this Act, has expired, the President is authorized to appoint a United States marshal for the District of South Carolina as provided by section 541(a) of title 28 of the United States Code. ^2 statl 910. Until the United States marshal for the District of South Carolina has been appointed as herein authorized and has qualified, the United States marshal for the Eastern District of South Carolina holding office on the date of enactment of this Act shall continue to serve as a United States marshal and to perform the duties of such office in the Charleston, Columbia, Orangeburg, Florence, and Aiken divisions of the District of South Carolina, and the United States marshal for the Western District of South Carolina holding office on the date of enactment of this Act shall continue to serve as a United States marshal and to perform the duties of such office in the Greenville, Rock Hill, Greenwood, Spartanburg, and Anderson divisions of the District of South Carolina. I n the event a vacancy, other than a vacancy resulting from expiration of term, arises in either of such offices prior to the appointment as herein authorized and qualification of a United States marshal for the District of South Carolina the incumbent of the other such office shall also perform the duties of the office in which the vacancy occurs until such appointment and qualification. SEC. 5. All deputy clerks, clerical assistants, and other employees of g^^""'"' ^'"f'^°ythe clerks, all court reporters, all probation officers and their clerical assistants, all referees in bankruptcy and their clerical assistants, all United States commissioners and all other presently serving officers and employees of the United States District Courts for the Eastern and Western Districts of South Carolina shall henceforth be officers or employees, as the case may be, of the United States District Court for the District of South Carolina and shall hold their offices or employment under and perform their duties for that court. All presently serving assistant United States attorneys and clerical assistants of the United States attorneys and all presently serving deputy marshals and clerical assistants of the United States marshals appointed for the Eastern or Western District of South Carolina shall henceforth hold their offices or employment for the District of South Carolina. SEC. 6. The provisions of this Act shall become effective on the first Effective date. day of the month following the date of enactment of this Act, Approved October 7, 1965.

49-850 0-66—63

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PUBLIC LAW 89-243-OCT. 9, 1965

[79 STAT.

Public Law 89-243 October 9, 1965 [H. R. 4750]

^^ ACT To provide an extension of the interest equalization tax, and for other purposes.

Interest Equaii-

Be it enacted by the Senate and House of Representatives United States of America in Congress assembled.

zation Tax Extension Act of 1965.

of the

•' "^ ' SECTION 1. SHORT TITLE, ETC. (a) SHORT TITLE.—This Act may be cited as the "Interest Equal-

ization Tax Extension Act of 1965". (b) AMENDMENT or 1954 CODE.—Except as otherwise expressly

26 us^c 49n

26 USC 4914. 26 USC 4920.

provided, whenever in this Act an amendment is expressed in terms of an amendment to a section or other provision, the reference is to a section or other provision of the Internal Revenue Code of 1954. SEC. 2. EXTENSION OF INTEREST EQUALIZATION TAX. Section 4911(d) is amended by striking out "December 31, 1965" and inserting in lieu thereof "July 31, 1967". SEC. 3. IMPOSITION OF TAX WITH RESPECT TO DEBT OBLIGATIONS HAVING MATURITY OF 1 TO 3 YEARS. (a) IMPOSITION or TAX.—The following provisions are amended by striking out "3 years" each place it appears and inserting in lieu thereof "1 year"— (1) section 4911(a); (2) section 4 9 1 4 (e)(3)(D); (3) section 4914(e)(3)(E) (ii) I and (4) section 4920(a)(7)(B) (Iv). (b) AMOUNT OF TAX.—Section 4911(b)(2) is amended by striking from the table the line reading "At least 3 years, but less than 3i/^ years

2.75 percent"

and inserting in lieu thereof the following: "At least 1 year, but less than I14 years 1.05 percent At least 11/4 years, but less than IY2 years 1.30 percent At least 1^2 years, but less than 1% years 1.50 percent At least 1% years, but less than 2^4 years 1.85 percent At least 21^ years, but less than 2% years 2.30 percent At least 2% years, but less than 3^^ years 2.75 percent". (c) EFFECTIVE DATE.— (1) GENERAL RULE.—Except as provided by paragraphs (2),

(3), and (4), the amendments made by subsections (a) and (b) shall apply with respect to acquisitions of debt obligations, and designations described in section 4914(e)(3)(D) or 4914(e)(3) (E) ( i i) of the Internal Revenue Code of 1954, made after February 10, 1965. (2) PREEXISTING COMMITMENTS.—Such amendments shall not apply to an acquisition— (A) made pursuant to an obligation to acquire which on February 10, 1965— (i) was unconditional, or (ii) was subject only to conditions contained in a formal contract under which partial performance had occurred; or (B) as to which on or before February 10, 1965, the acquiring United States person (or, in a case where 2 or more. United States persons are making acquisitions as part of a single transaction, a majority in interest of such persons) had taken every action to signify approval of the acquisition under the procedures ordinarily employed by such person (or persons) in similar transactions and had sent or deposited

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license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/


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955

for delivery to the foreign person from whom the acquisition was made written evidence of such approval in the form of a commitment letter, memorandum of terms, draft purchase contract, or other document setting forth, or referring to a document sent by the foreign person from whom the acquisition was made which set forth, the principal terms of such acquisition, subject only to the execution of formal documents evidencing the acquisition and to customary closing conditions. (3) PUBLIC OFFERINGS.—Such amendments shall not apply to an acquisition of debt obligations made on or before April 12, 1965, if— (A) a registration statement (within the meaning of the Securities Act of 1933) was in effect with respect to the debt obligation acquired at the time of its acquisition; (B) the registraition statement was first filed with the Securities and Exchange Commission on February 10, 1965, or within 90 days before that date; and (C) no amendment was filed with the Securities and Exchange Commission after February 10, 1965, and before the acquisition which had the effect of increasing the aggregate face amount of the debt obligations covered by the registration statement. (4) FORECLOSURES.—Such amendments shall not apply to an acquisition of debt obligations as a result of a foreclosure by a creditor pursuant to the terms of an instrument held by such creditor on February 10, 1965. (d)

48 Stat. 74. 15 USC 77a.

RETURNS.—

(1) FIRST RETURN PERIOD.—Notwithstanding any provision of

section 6011(d)(1) of the Internal Revenue Code of 1954, the first ^ ^ta^ s^43. period for which returns shall be made under such section 6011 (d)(1) with respect to acquisitions made subject to tax by this section shall be the period commencing February 11, 1965, and ending at the close of the calendar quarter in which the enactment of this Act occurs. (2) T I M E FOR FILING FIRST RETURNS.—Notwithstanding

any

provision of section 6076 of the Internal Revenue Code of 1954, the first return with respect to acquisitions made subject to tax by this section shall be filed on or before the last day of the first month following the close of the calendar quarter in which the enactment of this Act occurs, or at such later time as may be provided in regulations prescribed by the Secretary or his delegate. (e)

^e use 6o76.

CONFORMING AMENDMENTS.—

(1) Effective as provided in paragraph (2), section 4931 is amended— (A) by striking out subsection (c) and redesignating subsections (d) and (e) as subsections (c) and (d), resoectively; (B) by striking out "subsection (b) or (c) " each place it appears m subsection (a) and inserting in lieu thereof "subsection (b) "; (C) by striking out ", and the tax imposed under subsection (c), " each place it appears in the subsection herein redesignated as subsection (c); and (D) by striking out "3 YEARS" in the heading to subsection (b) and inserting in lieu thereof "1 YEAR". (2) Executive Order 11198, issued February 10, 1965, shall not be affected by the amendments made by this section and shall continue to apply as though such amendments had not been made.

26 USC 4931.

30 F. R. 1929.

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78 Stat. 839. 26 USC 4931.

PUBLIC LAW 89-243-OCT. 9, 1965

[79 STAT.

The amendments made by this subsection shall take effect only at such time as may be provided in a modification hereafter made (in accordance with section 4931 of the Internal Revenue Code of 1954) iu such Executive order. •'

SEC. 4. OTHER AMENDMENTS. (a) CERTAIN EXPORT LEASES.—

26 USC 4914.

(^1) Section 4914(c) is amended by redesignating paragraph (6) as paragraph (7) and by inserting after paragraph (5) the following new paragraph:

26 USC 4911.

" (6) CERTAIN EXPORT LEASES.—The tax imposed by section 4911

^8 A Stat.^3 69. oa TTor- ,cn^

26 USC 1504.

shall not apply to the acquisition from a foreign obligor by a United States person of a debt obligation of such obligor arising out of a lease of personal property to such obligor by such United States person if— " (A) at least 30 percent of the value of the property subject to the lease, or 60 percent of the actual value of the debt obligation arising out of such lease, is attributable to the use of tangible personal property which was manufactured, produced, grown, or extracted in the United States by such United States person (or by one or more includible corporations iu au affiliated group, as defined in section 1504, of which ^^^^ person is a member), or to the performance of services pursuant to the terms of the lease by such United States person (or by one or more such corporations) with respect to such personal property, or to both, and " (B) at least 50 percent of the value of the property subject to lease, or 100 percent of the actual value of the debt obligation arising out of such lease, is attributable to the use of tangible personal property which was manufactured, produced, grown, or extracted in the United States, or to the performance of services pursuant to the terms of the lease by United States persons, or to both." (2) Section 4914(b)(6) is amended by inserting "or lease" after "sale". (3) Section 4914(j)(l) is amended— (A) by striking out "or (5) " in subparagraph (A) and inserting in lieu thereof " (5), or (6) "; (B) by striking out "or (5) " in subparagraph (D) and inserting in lieu thereof " (5), or (6) "; and (C) by striking out "or (3) " in clause (iii) in subparagraph (A) and inserting in lieu thereof " (3), or (6) " and by inserting after the word "sale" in such clause the words "or lease". (4) Paragraph (1) of the subsection of section 4931 redesignated as subsection (c) by section 3(e) of this Act is amended— (A) by inserting "or lease" after "sale" each phice it appears; (B) by inserting after "loan" in subparagraph (A) the following: ", amount paid, or other consideration given to acquire such debt obligation"; (C) by inserting "or leasing" after "selling" in subparagraph (B); and (D) by adding at the end of such paragraph (after and below subparagraph (B)) the following new sentence: "For purposes of the preceding sentence, the acquisition by a wholly-owned subsidiary of a commercial bank of a debt obligation arising out of a lease made by such subsidiary shall be treated as the acquisition of a debt obligation by a commercial bank."

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957

(b) SALES OF FOREIGN BRANCHES.—

(1) Section 4914(g)(1) is amended— ^ (A) by striking out "or" at the end of subparagraph (A); (B) by striking out the period at the end of subparagraph (B) and inserting in lieu thereof "; or"; and (C) by adding at the end thereof the following new subparagraph: " (C) as part or all of the purchase price in a sale by such United States person of substantially all of the assets of a branch of such United States person located outside the United States." (2) Section 4914(g)(2) is amended to read as follows: "(2) LIMITATIONS.—Subparagraphs (A) and (B) of paragraph (1) shall not apply to the acquisition of a debt obligation if any of the stock sold or surrendered in connection with its acquisition was originally acquired with the intent to sell or surrender. Subparagraph (C) of paragraph (1) shall not apply to the acquisition of a debt obligation if any of the assets sold had been transferred to the branch for the purpose of sale (other than sale in the ordinary course of its trade or business)." (3) The heading of section 4914(g) is amended by inserting "OR SALE OF FOREIGN BRANCH" after "SUBSIDIARY". (4) Section 4914(b) (10) is amended to read as follows:

H J*|^- 8^\3.

" (10) ACQUISITIONS OF DEBT OBLIGATIONS ON SALE OR LIQUIDATION OF WHOLLY OW^NED FOREIGN SUBSIDIARIES O SALE OF FOREIGN R

BRANCHES.—Of debt obligations acquired in connection with the sale or liquidation of a wholly owned foreign corporation or the sale of a foreign branch, to the extent provided in subsection (g). " (c) CONSTRUCTION LOANS.—

(1) Section 4914(h) is amended to read as follows: "(h) CERTAIN DEBT MORTGAGES, ETC.—

OBLIGATIONS SECURED BY UNITED STATES

"(1) IN GENERAL.—The tax imposed by section 4911 shall not apply to the acquisition from a foreign obligor by a United States person of— " (A) a debt obligation of such foreign obligor which is secured by real property located in the United States, to the extent that such debt obligation— " (i) is a part of the purchase price of such real property (or of such real property and related personal property), or "(ii) arises out of a loan made by such United States person to the foreign obligor the proceeds of which are concurrently used as part of the purchase price of such real property (or of such real property and related personal property); or " (B) a debt obligation of such foreign obligor which is secured by real property located in the United States on which improvements are under construction by the obligor, if such debt obligation arises out of a loan made by such United States person all the proceeds of which are used— " (i) to finance the construction of such improvements, or " (ii) to repay all or any part of a loan made to finance such construction, if the construction loan has qualified (or would have qualified) under paragraph (2)(B) and such repayment occurs within 5 years after such construction loan is made.

26 USC 4911.

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PUBLIC LAW 89-243-OCT. 9, 1965

[79 STAT.

"(2) LIMITATIONS.—Paragraph (1) shall apply to the acquisition of a debt obligation only if— " (A) in the case of the sale of property referred to in paragraph (1)(A) — " (i) the seller is a United States person, and "(ii) at least 25 percent of the purchase price of the property sold is, at the time of such sale, paid in United States currency to such United States person by the foreign obligor from funds not obtained from United States persons for the purpose of purchasing such property; or " (B) in the case of the construction of improvements referred to in paragraph (1)(B) — " (i) at the time any proceeds of the loan out of which such debt obligation arises are advanced, an amount equal to at least one-third of the amount of such advance, plus one-third of the amount of any previous advances of such proceeds, has been expended for such construction by the foreign obligor in United States currency from funds not obtained from United States persons for the purpose of financing such construction, and "(ii) not less than 85 percent of the cost of such construction attributable to property or services is attributable to property grown, extracted, manufactured, or produced in the United States, or to services performed by United States persons, or to both. " (3) RELATED PERSONAL PROPERTY.—For purposes of paragraph

o! fro^A' fr^h 26 USC 4914.

(1)(A), the term 'related personal property' means personal property which is sold in connection with the sale of real property for use in the operation of such real property." (2) Section 4914(b) (11) is amended to read as follows: t^/;^\*

\ / \ /

(11) ACQUISITIONS OF CERTAIN DEBT OBLIGATIONS SECURED BY REAL PROPERTY IN THE UNITED STATES.—Of debt obligations secured

68Astat.^42. 26 USC 151.

by real property in the United States, to the extent provided in subsection (h). " (d) STUDENT LOANS.—Section 4914(b) is amended by adding at the end thereof the following new paragraph: "(13) STUDENT LOANS.—Of debt obligations which arise out of loans to a foreign obligor registered as a full-time student at an cducational institution (as defined in section 151(e)(4)) in the United States, to the extent that the acquisition by the acquiring person of such debt obligations with a period remaining to maturity of 1 year or more from such obligor in any calendar year does not exceed $2,500." (e) TANGIBLE PROPERTY HELD FOR PERSONAL USE.—Section 4914(b)

is amended by adding at the end thereof (after the new paragraph added by subsection (d) of this section) the following new paragraph: "(14) TANGIBLE PROPERTY HELD FOR PERSONAL USE.—Of debt obligations arising out of the sale of tangible property located outside the United States which was held for his personal use by the person acquiring such obligation." (f) CERTAIN FOREIGN BRANCHES ENGAGED I N THE COMMERCIAL BANKING BUSINESS W H I C H ARE MEMBERS OF FOREIGN STOCK EXCHANGES.—

(1) Section 4914(b)(2) is amended by adding at the end thereof (after and below subparagraph (B)) the following new sentence: "Stock or debt obligations acquired by a foreign branch of a corporation, in connection with its banking business, shall be

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PUBLIC LAW 89-243-OCT. 9, 1965

considered debt obligations described in subparagraph (A) of the preceding sentence if— " (i) such branch is engaged in the commercial banking business and is also a member of a foreign stock exchange all the members of which on June 29, 1965, were banks, "(ii) on July 18, 1963, such branch was so engaged and was such a member, "(iii) such stock or debt obligations would not (but for this sentence) be excludable under the preceding sentence, and "(iv) at the time of such acquisition, such branch does not hold stock and debt obligations described in clause (iii) which have an adjusted basis in excess of 3 percent of the deposits of the customers (other than deposits of United States persons engaged in the commercial banking business and members of an affiliated group (determined under section 4 8 (c)(3)(C)) of which such a United States person is a member) of such branch payable in the currency of the country in which such branch is located."" (2) Section 4914(j)(2) is amended by adding at the end thereof the following new sentence: "For purposes of this chapter, if, after July 18, 1963, a United States person sells or otherwise disposes of stock or a debt obligation to the acquisition of which the last sentence of subsection (b)(2) applied, such person shall not, with respect to that stock or debt obligation, be considered a United States person." (3) The amendments made by this subsection shall apply to acquisitions made after July 18, 1963. • (g)

CERTAIN CURRENT DESIGNATIONS BY INSURANCE COMPANIES.—

Section 4914(e)(3)(B) is amended to read as follows: "(B)

CURRENT DESIGNATIONS TO MAINTAIN FUND.—

"(i) IN GENERAL.—To the extent permitted by subparagraph (E), stock of a foreign issuer or a debt obligation of a foreign obligor acquired by an insurance company after July 18, 1963, may be designated as part of a fund of assets described in paragraph (2), if such designation is made before the expiration of 30 days after the date of such acquisition and the company continues to own the stock or debt obligation until the time the designation is made; except that any such stock or debt obligation acquired before the initial d e s i ^ a t i o n of assets to the fund is actually made as provided in subparagraph (A) (ii) may be designated under this clause at the time of such initial designation without regard to such 30-day and continued ownership requirements. "(ii) CERTAIN DEBT OBLIGATIONS HAVING MATURITY OF LESS THAN 3 YEARS.—^A debt obligation having a period

remaining to maturity (on the date of acquisition) of at least 1 year but less than 3 years, which is acquired during the period beginning February 11, 1965, and ending on the date of the enactment of the Interest Equalization Tax Extension Act of 1965, may be designated as part of a fund of assets described in paragraph (2) on or before the 30th day after the date of such enactment (or at such later time as the Secretary or his delegate may by regulations prescribe) without regard to the 30-day and continued ownership requirements provided in clause (i).'*

959

^^^gc^T" 26 USC 49M.

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 960 78 Stat. 813. 26 USC 4914

ae'uscT^so^^^'

PUBLIC LAW 89-243-OCT. 9, 1965

[79 STAT.

(h) ACQUISITIONS BY CERTAIN TAX-EXEMPT ORGANIZATIONS.—

(1) Section 4914(f) is amended by adding at the end thereof (after and below paragraph (2)) the following new sentence: " For purposes of this subsection, stock or debt obligations acquired as a result of the investment or reinvestment of such contributions or fees which consist of insurance premiums (other than premiums paid to a mutual insurance company or association described in section 501(c) (15)) paid by the members of such local organizations shall be treated as held exclusively for the benefit of such members if primarily so held, notwithstanding that such stock or debt obligations may, under certain contingencies, be used for the benefit of other members of such United States person." (2) The amendment made by paragraph (1) shall apply with respect to acquisitions of stock and debt obligations made after July 18, 1963: (i) EXCLUSION FOR INVESTMENTS I N LESS DEVELOPED COUNTRY

26 USC 4916. 26^sc^*77^V'

PARTNERSHIPS.—Section 4916(c)(1) is amended by adding at the end i hereof the following new sentence: "A foreign partnership, as defined in section 7701(a)(2) and (5), the assets and gross income of which, for the applicable periods set forth in paragraph (3), satisfy the requirements of subparagraph (A) or (B) of the first sentence of this paragraph, shall be treated as a less developed country corporation for purposes of this section." (]) NOTICE or ACQUISITION FOR EXCLUSION OF ORIGINAL OR N E W

26 USC 4917.

ISSUES.—Section 4917 is amended— (1) by adding at the end of subsection (a) the following new sentence: " I n the case of acquisitions of debt obligations having a period remaining to maturity of 1 year or more but less than 3 years made during the period beginning February 11, 1965, and ending with the date of the enactment of the Interest Equalization Tax Extension Act of 1965, the notice of acquisition may be filed within such period following the date of such enactment as the Secretary or his delegate may prescribe by regulations."; and (2) by adding at the end of such section the following new subsection: " (d) REDUCTION OF EXCLUSION I N CASE OF LATE F I L I N G OF CERTAIN NOTICES OF ACQUISITION.—If, with respect to an acquisition after the

date of the enactment of the Interest Equalization Tax Extension Act of 1965 of stock or a debt obligation which is all or part of an original or new issue to which an Executive order issued under subsection (a) is applicable (other than an Executive order which is applicable to a limited aggregate amount of such issues), the notice of acquisition required by subsection (a) is not filed on or before the last day (including extensions of time) specified in the regulations prescribed by the Secretary or his delegate under such subsection, the exclusion provided by such Executive order shall not apply to 5 percent of such acquisition for each 30-day period or fraction thereof after such last day during which such failure continues, except that in no event shall such exclusion be reduced under this subsection by more than 25 percent of such acquisition." (k) CONSIDERATION OF TREATY VIOLATIONS I N CONNECTION W I T H EXCLUSION FOR ORIGINAL OR N E W ISSUES.—Section 4917 is amended

by adding after subsection (d) (as added by subsection (j) of this section) the following new subsection: "(e) FULFILLMENT OF TREATY OBLIGATIONS.—In determining whether to issue an Executive order under subsection (a) with respect to a foreign country, and in determining whether to revoke or modify an Executive order issued under subsection (a) with respect to a foreign country (whether issued before or after the enactment of this

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961

subsection), the President may take into account whether such foreign country is according privileges to United States persons in conformity with treaties of friendship, commerce, and navigation between the United States and such foreign country." (1) CREDIT OR REFUND FOR SALES OF STOCK BY DEALERS TO FOREIGN PERSONS.—

(1) Section 4919(a)(3) is amended to read as follows: "(3) CERTAIN STOCK.—Consist of stock— " (A) acquired by a dealer in the ordinary course of his business and sold by him on the day of purchase or on either of the two succeeding business days to— "(i) persons other than United States persons, or "(ii) another dealer who resells it on the same or the next business day to persons other than United States persons; or " (B) acquired by a dealer in the ordinary course of his business to cover short sales made by him on the day of purchase or on either of the two preceding business days to— "(i) persons other than United States persons, or "(ii) another dealer who resold it on the same or the next business day to persons other than United States persons." (2) Section 4919(b)(3) is amended by striking out the heading and inserting in lieu thereof "CERTAIN SALES BY DEALERS.—". (3) Section 4919(b)(3)(B) is amended— (A) by striking out "with respect to a debt obligation sold in a transaction" and inserting in lieu thereof "with respect to a sale"; (B) by striking out "a debt obligation" each place it appears in clauses (i) and (ii) and in the matter which follows and inserting in lieu thereof "stock or a debt obligation"; (C) by striking out "such debt obligation" each place it appears in the matter which follows clause (ii) and inserting in lieu thereof "such stock or debt obligation"; and (D) by inserting "or (a)(3) " after "subsection (a)(2) " each place it appears. (m)

26U?C49?9

COMMERCIAL FINANCING.—

(1) Section 4920(a) is amended by inserting after paragraph (5) the following new paragraph:

^^ ^^^ '*^2°-

"(5A) CERTAIN COMMERCIAL FINANCING BRANCHES NOT TREATED AS DOMESTICORPORATIONS.—The term 'domestic corporation'

does not include a branch office of such a corporation located outside the United States if— " (A) such corporation is primarily engaged in the trade or business of acquiring debt obligations (i) arising out of the sale of tangible personal property produced, manufactured, or assembled by one or more includible corporations in an affiliated group (determined under section 4 8 (c)(3)(C) except that clause (i) of such section shall not apply) of which such acquiring corporation is a member and (ii) arising out of the sale of tangible personal property received as part or all of the consideration in sales of tangible personal property described in clause (i); " (B) such office is primarily engaged in the trade or busi-

H^l^^'^^'^• 26 USC 48.

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78 Stat. 835. 26 USC 4920.

26 USC 4918.

PUBLIC LAW 89-243-OCT. 9, 1965

[79 STAT.

ness of acquiring debt obligations described in subparagraph (A) which are repayable exclusively in one or more currencies other than United States currency; " (C) such office was located outside the United States on February 10, 1965, and was regularly engaged in the trade or business of acquiring debt obligations described in subparagraph (B) for a period of not less than 12 consecutive months before February 10, 1965; " (D) such office maintains separate books and records reasonably reflecting the assets and liabilities properly attributable to such office; and " (E) there is in effect an election that such branch office be treated as a foreign corporation for purposes of this chapter. For purposes of this paragraph, a corporation or a branch office shall be treated as primarily engaged in the trade or business described in subparagraph (A) during the taxable year if at least 90 percent of the face amount of the debt obligations acquired by such corporation or branch office during such taxable year consists of debt obligations described in subparagraph (A) and if throughout such taxable year such corporation or branch office is exclusively engaged in the trade or business of acquiring debt obligations (whether or not described in subparagraph (A)) and servicing debt obligations arising out of sales of tangible personal property described in subparagraph (A). The election under this paragraph shall be made by such corporation in accordance with regulations prescribed by the Secretary or his delegate. A separate election may be made with respect to each branch office of such corporation except that, for purposes of this paragraph, all branch offices of such corporation located in a country shall be treated as a single branch office. Such election shall be effective as of February 10, 1965, and shall remain in effect until revoked in accordance with such regulations. If, at any time, such corporation ceases to meet the requirements of subparagraph (A), all elections made by such corporation under this paragraph shall be deemed revoked. If, at any time, a branch office (within the meaning of this paragraph) ceases to meet the requirements of subparagraph (B) or (D), the election with respect to such office shall thereupon be deemed revoked. When an election is revoked, a new election under subparagraph (E) may be made subject to such conditions and limitations as may be prescribed by the Secretary or his delegate." (2)(A) Section 4920(a)(5) is amended by adding at the end thereof the following new sentence: "A corporation or partnership making an election under this paragraph or paragraph (5A) with respect to a branch office located outside the U n i t ^ States shall not, at any time, execute a certificate of American ownership (within, the meaning of section 4918) either with respect to stock or a debt obligation of a foreign issuer or obligor held by such branch office at the time the election is made with respect to such branch office or with respect to stock or a debt obligation of a foreign issuer or obligor acquired by such branch office while the election with respect to such branch office is in effect."

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Page:Folk-lore - A Quarterly Review. Volume 14, 1903.djvu/111

 REVIEWS. The Evil Eye in the Western Highlands. By R. C. Mac- lagan, M.D. pp. 232. London : David Nutt. 1902. ^VITCHCRAFT AND SECOND SiGHT IN THE HIGHLANDS AND Islands of Scotland. By the late John Gregorson Campbell, pp. 314. Glasgow : James MacLehose. 1902. Outer Isles. By A. Goodrich-Freer. pp. 448. Westminster : A. Constable and Co. 1902. In the eddies and backwaters of civilisation, such as still exist in the Western Isles, we may well suppose that much folklore material was still current at the end of the nineteenth century. That this is so is amply borne out by these three volumes. The Folk-Lore Society may well take credit for this good work, for sufficient interest in the subject would hardly have been excited unless the way had been paved during the last twenty years by the Society's work. Taking the Evil Eye as his text, Dr. Maclagan, who is already known to the Society by an excellent book on The Games and Diversions of Argyleshire, examines it carefully in all its aspects. As a belief it is very widely spread in Scotland, and quotations are given from Middle Irish stories to show that its deadly effects were fully recognised by the Goidel in ancient times. As in the south of Europe, persons endowed with the fatal gift can use it unintentionally. Children have sometimes to be protected against the glance of a parent, and a faithful farm-servant will occasionally have to shield the cows or horses under his charge from the malign influence of his master's eye by keeping them out of his sight. The people generally credited with the Evil Eye are old women and those with eyes of different colours. Such persons, and indeed all others suspected of possessing it, are avoided. But it would seem that persons are accused of this faculty on the very


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PUBLIC LAW 89-243-OCT. 9, 1965

(B) The amendment made by subparagraph (A) — (i) insofar as it relates to elections made under section 4920(a)(5), shall apply to dispositions made after June 28, 1965; and (ii) insofar as it relates to elections made under section 4920(a) (5A), shall apply to dispositions made after February 10, 1965. (3) Section 4912(b)(2)(B) is amended— (A) by striking out "section 4920(a)(5)(E) " and inserting in lieu thereof "paragraph (5) or (5A) of section 4920 (a) "; and (B) by inserting "(including, in the case of a transfer to a branch office described in section 4920(a) (5A), a transfer made for consideration)" after "money or other property" where it first appears. (n) FOREIGN STOCK ISSUES TREATED AS DOMESTIC.—Section 4920 is amended— (1) by striking out paragraph (8) of subsection (a), (2) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively, and (3) by inserting after subsection (a) the following new subsection:

963

^s ^ta^ ss^^

' ' "^^ ^'''^^

" (b) FOREIGN STOCK ISSUES TREATED AS DOMESTIC.—

"(1) IN GENERAL.—For purposes of this chapter, a foreign corporation (other than a company registered under the Investment Company Act of 1940) shall not be considered a foreign 15 USC so^a.'s i issuer with respect to any class of its stock if— " (A) as of the corporation's latest record date before July 19, 1963, more than 65 percent of such class of stock was held of record by United States persons, or " (B) the class of stock had its principal market during the calendar year 1962 on one or more national securities exchanges registered with the Securities and Exchange Commission, and, as of the corporation's latest record date before July 19, 1963, more than 50 percent of such class of stock was held of record by United States persons. "(2) CLASS OF STOCK DEFINED.—For purposes of this subsection, the term 'class of stock' means all shares of stock of a corporation issued and outstanding as of the corporation's latest record date before July 19, 1963, which are identical with respect to the rights and interest such shares represent in the control, profits, and assets of the corporation. Such term also includes additional shares possessing rights and interests identical with the rights and interests of shares described in the preceding sentence if such additional shares shall have been— " (A) issued on or before November 10, 1964; " (B) issued after November 10, 1964, pursuant to a written commitment made by such corporation on or before such date; " (C) issued after November 10, 1964, to a shareholder with respect to or in exchange solely for shares described in this paragraph; or " (D) issued after November 10, 1964, and if— " (i) such corporation was actively engaged in a trade or business on July 19, 1963;

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 964

26 us^c49n 4914, 4916, 4917. 68A Stat. 120.

PUBLIC LAW 89-243-OCT. 9, 1965

" (ii) shares of such class were held of record by more than 250 shareholders on the corporation's latest record date before July 19, 1963; "(iii) the percentage of shares of such class held of record by United States persons as of the corporation's latest record date before the issuance of such additional shares is not less than the percentage required to be held by United States persons as of the latest record date before July 19, 1963, in order for the class of stock to qualify under paragraph (1); "(iv) all such additional shares are shares which, if acquired by United States persons at the time of original issuance, would have been excluded from the tax imposed ^y section 4911 by reason of section 4914(a)(6), 4916, or 4917, or are shares exchanged in a reorganization described in section 368(a)(1)(B) for shares of a domestic corporation which was engaged in the active conduct of a trade or business (other than as a dealer in securities) immediately before the date of such exchange; and "(v) at least 15 days before the date such additional shares are issued (or, m the case of an issue occurring on or before the 60th day after the date of the enactment of this sentence, within such period as may be prescribed by the Secretary or his delegate by r e f l a t i o n s), the issuing corporation files (in accordance with regulations prescribed by the Secretary or his delegate) a notice of intent to issue such shares. For purposes of subparagraph (D), the issuance of an option or similar right to acquire stock, or of any debt obligation convertible into stock, shall be treated as the issuance of the stock which may be obtained on the exercise of such option or similar right or the conversion of such debt obligation." (o)

Ante, p. 955.

76 Stat. 969. ^^ ^^' 78 Stat. 839. 26 USC 4918.

COMMERCIAL. B A N K LOANS.—

(1) Paragraph (2) of the subsection of section 4981 redesignated as subsection (c) by section 3(e) of this Act is amended by striking out "(other than banks)" each place it appears and inserting in lieu thereof "(other than United States persons engaged in the commercial banking business and members of an affiliated group (determined under section 4 8 (c)(3)(C)) of which such a United States person is a member)". (2) The last sentence of section 4931(c) (as enacted on September 2, 1964) is amended by striking out ", except that, for such purposes, the provisions of section 4918 shall not apply". (p)

78 Stat. 845. 26 USC 263.

[79 STAT.

DEDUCTIBILITY OF INTEREST EQUALIZATION T A X. —

(1) Section 263(a)(8) is amended to read as follows: tj^^^ Except as provided in subsection (d), any amount paid as tax under section 4911 (relating to imposition of interest equalization tax). " (2) Section 263 is amended by adding at the end thereof the following new subsection: "(d)

REIMBURSEMENT

OF

INTEREST

EQUALIZATION

TAX.—The

ol^J^f^\'^o^'o^^%' deduction allowed by section 162(a) or 212 (whichever is appropriate) shall include any amount paid or accrued in the taxable year or a preceding taxable year as tax under section 4911 (relating to imposition of interest equalization tax) to the extent that any amount attributable to the amount paid or accrued as tax is included in gross income

26 USC 162, 212. " '""^ ""^ '^

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PUBLIC LAW 89-243-OCT. 9, 1965

965

for the taxable year. Under regulations prescribed by the Secretary or his delegate, the preceding sentence shall not apply with respect to any amount attributable to that part of the tax so paid or accrued which is attributable to an amount for which a deduction has been claimed for the taxable year or a preceding taxable year under section 171 (relating to amortization of bond premium)." (3) The amendments made by this subsection shall apply to taxable years ending after September 2, 1964. (q) EFFECTIVE DATE.—Except as otherwise specifically provided in this section and in the amendments made by this section, such amendments shall apply with respect to acquisitions of stock and debt obligations made after February 10, 1965. Executive Order 11198, issued February 10, 1965, to the extent it is inconsistent with the amendments made by this section, shall be deemed modified by such amendments. SEC. 5. PREEXISTING COMMITMENTS. (a)

CERTAIN

COMMITMENTS EXISTING ON OR BEFORE J U L Y

68A Stat. 6 1. 26 USC 171.

30 F, R. 1929.

18,

1963.—Section 2(c)(2)(B) of the Interest Equalization Tax Act is ^s stau 84L amended to read as follows: note. " (B) as to which on or before July 18, 1963, the acquiring United States person (or, in a case where 2 or more United States persons are making acquisitions as part of a single transaction, a majority in interest of such persons) had taken every action to signify approval of the acquisition under the procedures ordinarily employed by such person (or persons) m similar transactions, subject only to the execution of formal documents evidencing the acquisition and to customary closing conditions, and the acquiring United States person (or persons) — ''(i) had sent or deposited for delivery to the foreign person from whom the acquisition was made written evidence of such approval in the form of a commitment letter, memorandum of terms, draft purchase contract, or other document setting forth, or referring to a document sent by the foreign person from whom the acquisition was made which set forth, the principal terms of such acquisition, or " (ii) had received from the foreign person from whom the acquisition was made a memorandum of terms, draft purchase contract, or other document setting forth, or referring to a document sent by the acquiring United States person (or persons) which set forth, the principal terms of such acquisition;". (b)

CERTAIN DEBT OBLIGATIONS OF FORMER LESS DEVELOPED COUN-

TRIES.—The tax imposed by section 4911 of the Internal Revenue Code of 1954 shall not apply to the acquisition by a United States person of a debt obligation issued by the government of a foreign country which has been designated as an economically less developed country under an Executive order of the President in effect for purposes of the tax imposed by section 4911, but with respect to which such designation has been terminated before the enactment of this Act, if, prior to such acquisition, the Secretary of State has certified to the Secretary of the Treasury or his delegate that— (1) the government of such foreign country had, on or before April 6, 1965, communicated to the United States Department of State its intention to issue such debt obligation;

^^ ^^^-1°^^-

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Page:United States Statutes at Large Volume 79.djvu/1006

 966

26us^c49'?i

68 Stat. 454. 7 USC 1701-

1709."

grfr^onai°c'o'^' mittees.

PUBLIC LAW 89-243-OCT. 9, 1965

[79 STAT.

(2) the government of such foreign country had, on or before April 6, 1965, commenced negotiations with United States persons relative to the issuance of such debt obligation; and (^) exemption from the tax imposed by section 4911 of the Internal Revenue Code of 1954 on the acquisition of such debt obligation by a United States person is in the best interests of the United States. SEC. 6. USE OF FOREIGN CURRENCIES OWNED BY THE UNITED STATES. (a) Under the direction of the President, the Secretary of the Treasury shall periodically ascertain, by country, the amount of funds required by the United States Government to pay its obligations in foreign countries, including obligations payable in foreign currencies. (b) Every international agreement (6ther than an agreement entered into pursuant to title I of the Agricultural Trade Development and Assistance Act of 1954, as amended (Public Law 480, 83d Congress)) hereafter entered into, or hereafter amended or extended, between the United States and any foreign country under which currency of such country accrues or will accrue for the use of the United States shall include provisions that such currency may be used for paying United States obligations in such country which may be paid in such currency, and if not needed for such purpose may be used, or converted to other for e i ^ currencies or to dollars for use, in paying United States obligations in any foreign country, in such amounts as the Secretary of the Treasury considers necessary for the requirements of the United States. (^) ^ h e Secretary of the Treasury shall submit a report annually to the Senate Committee on Finance and the House Committee on Ways and Means which shows, by executive agencies and by countries, (1) the expenditures in dollars and in foreign currencies made during the preceding fiscal year in paying the obligations of the United States in foreign countries, (2) the amounts of foreign currencies available for the use of the United States at the close of such year, and (3) the amounts of foreign currencies convertible to other foreign currencies or to dollars at the close of such year. (d) This section shall terminate at the time when the tax imposed by section 4911 of the Internal Revenue Code of 1954 terminates. Approved October 9, 1965, 6:25 a.m.

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 79 STAT. ]

PUBLIC LAW 89-245-OCT. 9, 1965

967

Public Law 89-244 AN ACT

October 9, 1965

To authorize the Secretary of the Interior to accept a donation of property in the county of Suffolk, State of New Yorlj, known as the William Floyd Estate, for addition to the Fire Island National Seashore, and for other purposes.

^^' ^' ^"^^^

Be it enacted by the Senate and House of Representatives of the United /States of America in Congress assembled, That the Secretary ^fJ'^^^^^f''"^ of the Interior is authorized to accept the donation of approximately shore"N.Y!^' six hundred and eleven acres of lands, submerged lands, islands, and Additional land. marshlands or interests therein, known as the William Floyd Estate, ^^ ^*^*- ^^*located in the town of Brookhaven, county of Suffolk, and State of New York, delineated on a certain map entitled "Map of the Fire Island National Seasjiore, Including the William Floyd Estate", numbered OGP-0003, dated May 1965, which map or a true copy thereof shall be filed with the Federal Kegister and may be examined pf^iJaf Re'^. in the offices of the Department of the Interior. Such donation may ister. be accepted subject to such terms, covenants, and conditions as the Secretary finds will be in the public interest. SEC. 2. The Secretary is also authorized to accept the donation of the main dwelling on said lands, which was the birthplace and residence of General William Floyd (a signer of the Declaration of Independence) and the furnishings therein and any outbuildings, subject to like terms, covenants, and conditions. The Secretary is authorized to d^emn f Itc'^"' lease said lands, dwellings, and outbuildings to the grantors thereof for a term of not more than twenty-five years, at $1 per annum, and during the period of the leasehold the Secretary may provide protective custody for such property. SEC. 3. Upon expiration or surrender of the aforesaid lease the property shall become a detached unit of the Fire Island National Seashore, and shall be administered, protected, and developed in accordance with the laws applicable thereto subject, with respect to said main dwelling and the furnishings therein, to such terms, covenants, and conditions which the Secretary shall have accepted and approved upon the donation thereof as in the public interest. Approved October 9, 1965, 6:30 a.m.

Public Law 89-245 AN ACT

Authorizing the disposal of vegetable tannin extracts from the national stockpile.

October 9, 1965

f"- ^- I'^^ie]

Be it enacted by the /Senate and House of Representatives of the United States of America in Congress a^embled, That the Adminis- Vegetable tannin extracts. trator of General Services is hereby authorized to dispose of approxi- "'oisp^sai mately the following quantities of vegetable tannin extracts now held in the national stockpile: fifteen thousand long tons of chestnut, one hundred eleven thousand four hundred and fifty-seven long tons of quebracho, and twenty-three thousand nine hundred and sixty-two long tons of wattle. Such disposal may be made without regard to the provisions of section 3(e) of the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98b(e)) that no disposition of materials 6° Stat. 597 held in the national stockpile shall be made prior to the expiration of six nionths after the publication in the Federal Register and the trans- Publication in Federal "'"*=" °'^ mission to the Congress and to the Armed Services Committee of ^'^'^"'''Register. each House thereof of the notice of the proposed disposition. Approved October 9, 1965, 6:30 a.m.

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 968

PUBLIC LAW 89-246-OCT. 9, 1965

[79 STAT.

Public Law 89-246 October 9, 1965 [H. R. 10714]

Colemanite. Disposal.

73 Stat. 607. 60 Stat. 597.

AN ACT To authorize the disposal of colemanite from the supplemental stockpile.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Administrator of General Services is hereby authorized to dispose of, by negotiation or otherwise, approximately sixty-seven thousand six hundred long dry tons (gross weight) of colemanite now held in the supplemental stockpile established pursuant to section 104(b) of the Agricultural Trade Development and Assistance Act of 1954, as amended (7 U.S.C. 1704(b)). Such disposition may be made without regard to the provisions of section 3 of the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98b): Provided, That the time and method of disposition shall be fixed with due regard to the protection of the United States against avoidable loss and the protection of producers, processors, and consumers against avoidable disruption of their usual markets. Approved October 9, 1965, 6:30 a.m.

Public Law 89-247 October 9, 1965 [H. R. 10715]

Chromite. Disposal.

73 Stat. 607. 60 Stat. 597.

AN ACT To authorize the disposal of chemical grade chromite from the supplemental stockpile.

Be it enacted by the Senate and House of Representatives of the, United States of America in Congress assembled, That the Administrator of General Services is hereby authorized to dispose of, by negotiation or otherwise, approximately six hundred and fifty-nine thousand one hundred short tons of chemical grade chromite now held in the supplemental stockpile established pursuant to section 104(b) of the Agricultural Trade Development and Assistance Act of 1954, as amended (7 U.S.C. 1704(b)). Such disposition may be made without regard to the provisions of section 3 of the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98b): Provided, That the time and method of disposition shall be fixed with due regard to the protection of the United States against avoidable loss and the protection of producers, processors, and consumers against avoidable disruption of their usual markets. Approved October 9, 1965, 6:31 a.m.

Public Law 89-248 October 9, 1965 [H. J. R e s. 309]

House of Representatives. Additional e l e c tric t y p e w r i t e r s.

70 Stat, 31; 75 Stat. 2 2 1.

JOINT RESOLUTION To amend the joint resolution of March 25, 1953, to increase the number of electric typewriters which may be furnished to Members by the Clerk of the House.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That section 2 of the joint resolution entitled "Joint resolution to authorize the Clerk of the House of Representatives to furnish certain electrical or mechanical office equipment for the use of Members, officers, and committees of the House of Representatives", approved March 25, 1953, as amended (2 U.S.C. 112a-l), is amended by striking out "three electric typewriters" and inserting in lieu thereof "four electric typewriters, one

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 79 STAT. ]

PUBLIC LAW 89-249-OCT. 9, 1965

969

of which may be an automatic typewriter", and by striking out "four electric typewriters" and inserting in lieu thereof "five electric typewriters, one of which may be an automatic typewriter". Approved October 9, 1965, 6:32 a.m.

Public Law 89-249 AN ACT

Relating to the establishment of concession policies in the areas administered by National Park Service and for other purposes.

October 9, 1965 [H. R. 2091]

Be it enacted by the Senate and House of Representatives of the National United States of America in Congress assembled, That in furtherance Service, P a r k of the Act of August 25, 1916 (39 Stat. 535), as amended (16 U.S.C. 1), "^c'oncession which directs the Secretary of the Interior to administer national park poii^^i^s. system areas in accordance with the fundamental purpose of conserving their scenery, wildlife, natural and historic objects, and providing for their enjoyment in a manner that wdll leave them unimpaired for the enjoyment of future generations, the Congress hereby finds that the preservation of park values requires that such public accommodations, facilities, and services as have to be provided within those areas should be provided only under carefully controlled safeguards against unregulated and indiscriminate use, so that the heavy visitation will not unduly impair these values and so that development of such facilities can best be limited to locations where the least damage to park values will be caused. I t is the policy of the Congress that such development shall be limited to those that are necessary and appropriate for public use and enjoyment of the national park area in which they are located and that are consistent to the highest practicable degree with the preservation and conservation of the areas. SEC. 2. Subject to the findings and policy stated in section 1 of this "Concessioners." Act, the Secretary of the Interior shall take such action as may be appropriate to encourage and enable private persons and corporations (hereinafter referred to as "concessioners") to provide and operate facilities and services which he deems desirable for the accommodation of visitors in areas administered by the National Park Service. SEC. 3. (a) Without limitation of the foregoing, the Secretary may contracts. include in contracts for the providing of facilities and services such terms and conditions as, in his judgment, are required to assure the concessioner of adequate protection against loss of investment in structures, fixtures, improvements, equipment, supplies, and other tangible property provided by him for the purposes of the contract (but not against loss of anticipated profits) resulting from discretionary acts, policies, or decisions of the Secretary occurring after the contract has become effective under which acts, policies, or decisions the concessioner's authority to conduct some or all of his authorized operations under the contract ceases or his structures, fixtures, and improvements, or any of them, are required to be transferred to another party or to be abandoned, removed, or demolished. Such terms and conditions may include an obligation of the United States to compensate the concessioner for loss of investment, as aforesaid. (b) The Secretary shall exercise his authority in a manner consistent Pi-ofits. with a reasonable opportunity for the concessioner to realize a profit on his operation as a whole commensurate with the capital invested and the obligations assumed. (c) The reasonableness of a concessioner's rates and charges to the ^^tes, public shall, unless otherwise provided in the contract, be judged primarily by comparison with those current for facilities and services 49-850 0-66—64

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Page:United States Statutes at Large Volume 79.djvu/1010

 970

Franchise fees.

Contracts, ex.

PUBLIC LAW 89-249-OCT. 9, 1965

[79 STAT.

of comparable character under similar conditions, with due consideration for length of season, provision for peakloads, average percentage of occupancy, accessibility, availability and costs of labor and materials, type of patronage, and other factors deemed significant by the Secretary. ((J) Frauchisc fces, however stated, shall be determined upon consideration of the probable value to the concessioner of the privileges granted by the particular contract or permit involved. Such value is the opportunity for net profit in relation to both gross receipts and capital invested. Consideration of revenue to the United States shall be subordinate to the objectives of protecting and preserving the areas and of providing adequate and appropriate services for visitors at reasonable rates. Appropriate provisions shall be made for reconsideration of franchise fees at least every five years unless the contract is for a lesser period of time. gj,^^ ^ rpj^g Secretary may authorize the operation of all accommoda-

tension, renewals,

..

etc.

tions, facilities, and services for visitors, or oi all such accommodations, facilities, and services of generally similar character, in each area, or portion thereof, administered by the National P a r k Service by one responsible concessioner and may grant to such concessioner a preferential right to provide such new or additional accommodations, facilities, or services as the Secretary may consider necessary or desirable for the accommodation and convenience of the public. The Secretary may, in his discretion, grant extensions, renewals, or new contracts to present concessioners, other than the concessioner holding a preferential right, for operations substantially similar in character and extent to those authorized by their current contracts or permits. SEC. 5. The Secretary shall encourage continuity of operation and facilities and services by giving preference in the renewal of contracts or permits and in the negotiation of new contracts or permits to the concessioners who have performed their obligations under prior contracts or permits to the satisfaction of the Secretary. To this end, the Secretary, at any time in his discretion, may extend or renew a contract or permit, or may grant a new contract or permit to the same concessioner upon the termination or surrender before expiration of a prior contract or permit. Before doing so, however, and before granting extensions, renewals or new contracts pursuant to the last sentence of section 4 of this Act, the Secretary shall give reasonable public notice of his intention so to do and shall consider and evaluate all proposals received as a result thereof. gj,Q g ^ coucessiouer who has heretofore acquired or constructed or who hereatter acquires or constructs, pursuant to a contract and with the approval of the Secretary, any structure, fixture, or improvement upon land owned by the United States within an area administered by the National Park Service shall have a possessory interest therein, which shall consist of all incidents of ownership except legal title, and except as hereinafter provided, which title shall be vested in the United States. Such possessory interest shall not be construed to include or imply any authority, privilege, or right to operate or engage in any business or other activity, and the use or enjoyment of any structure, fixture, or improvement in which the concessioner has a possessory interest shall be wholly subject to the applicable provisions of the contract and of laws and regulations relating to the area. The said possessory interest shall not be extinguished by the expiration or other termination of the contract and may not be taken for public use without just compensation. The said possessory interest may be assigned, transferred, encumbered, or relinquished. Unless otherwise provided by agreement of the parties, just compensation shall be an amount equal to the sound value of such structure, fixture, or improvement at the time of taking by the United States determined upon the basis of reconstruction cost less depreciation evidenced by its condition and

i n Possessory terest.

p

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i

•

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i

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Page:United States Statutes at Large Volume 79.djvu/1011

 79 STAT. ]

PUBLIC LAW 89-250-OCT. 9, 1965

971

prospective serviceability in comparison with a new unit of like kind, but not to exceed fair market value. The provisions of this section shall not apply to concessioners whose current contracts do not include recognition of a possessory interest, unless in a particular case the Secretary determines that equitable considerations warrant recognition of such interest. SEC. 7. The provisions of section 321 of the Act of June 30, 1932 (47 Stat. 412; 40 U.S.C. 33(b)), relating to the leasing of buildings and properties of the United States, shall not apply to privileges, leases, permits, and contracts granted by the Secretary of the Interior for the use of lands and improvements thereon, in areas administered by the National Park Service, for the purpose of providing accommodations, facilities, and services for visitors thereto, pursuant to the Act of August 25, 1916 (39 Stat. 535), as amended, or the Act of le use i. August 21, 1935, chapter 593 (49 Stat. 666; 16 U.S.C. 461-467), as amended. SEC. 8. Subsection (h) of section 2 of the Act of August 21, 1935, the Historical Sites, Buildings, and Antiquities Act (49 Stat. 666; 16 U.S.C. 462(h)), is amended by changing the proviso therein to read as follows: Provided, That the Secretary may grant such concessions, leases, or permits and enter into contracts relating to the same with responsible persons, firms, or corporations without advertising and without securing competitive bids." SEC. 9. Each concessioner shall keep such records as the Secretary Records. may prescribe to enable the Secretary to determine that all terms of the concession contract have been and are being faithfully performed, and the Secretary and his duly authorized representatives shall, for the purpose of audit and examination, have access to said records and to other books, documents, and papers of the concessioner pertinent to the contract and all the terms and conditions thereof. The Comptroller General of the United States or any of his duly Avaiiabinty. authorized representatives shall, until the expiration of five (5) calendar years after the close of the business year of each concessioner or subconcessioner have access to and the right to examine any pertinent books, documents, papers, and records of the concessioner or subconcessioner related to the negotiated contract or contracts involved. Approved October 9, 1965, 6:35 a.m.

Public Law 89-250 AN ACT

To revise the boundary of Jewel Cave National Monument in the State of South Dakota, and for other purposes.

October 9, 1965

[H. R. 9417]

Be it enacted by the Senate and House of Representatives of the Jew l United States of America in Congress assembled, That, for the pur- ^^^^^ e^ Cave _ National Monupose of including within the Jewel Cave National Monument signif- ment°X oTk leant caverns and other geological features beneath lands within the Black Hills National Forest adjacent to the national monument, the boundary of said monument is hereby revised in accordance with drawing numbered N.M.-J.C.-7100, dated June 10, 1964, prepared by the National P a r k Service of the Department of the Interior. Lands within the revised monument shall hereafter be administered in accordance with the Act of Congress entitled "An Act to establish a National Park Service, and for other purposes," approved August 25, 1916 (39 Stat. 535), as amended and supplemented. Lands excluded 16 USC from the monument pursuant to this Act shall remain and be admin- ^^'^' istered as a part of the Black Hills National Forest. Approved October 9, 1965, 6:35 a.m.

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Page:United States Statutes at Large Volume 79.djvu/1012

 972

PUBLIC LAW 89-251-OCT. 9, 1965

[79 STAT.

Public Law 89-251 October 9, 1965 [H. R. 10748]

Copper. Transfer to Bureau of the Mint.

60 Stat. 597. P u b l i c a t i o n in Federal Register.

AN ACT To authorize the transfer of copper from the national stockpile to the Bureau of the Mint.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the Administrator of General Services is hereby authorized to transfer to the Bureau of the Mint approximately one hundred ten thousand short tons of copper now held in the national stockpile. Such transfer may be made without regard to the provision of section 3(e) of the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98b(e)) that no disposition of materials held in the national stockpile shall be made prior to the expiration of six months after the publication in the Federal Register and the transmission to the Congress and to the Armed Services Committee of each House thereof of the notice of the proposed disposition required by said section 3(e). Approved October 9, 1965, 6:35 a.m.

Public Law 89-252 October 9, 1965 [H. J. R e s. 330]

Chromium, fluorspar and silicon carbide. Disposal.

73 Stat. 607.

60 Stat. 597.

JOINT RESOLUTION To authorize the disposal of chromium metal, acid grade fluorspar, and silicon carbide from the supplemental stockpile.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Administrator of General Services is hereby authorized to dispose of, by negotiation or otherwise, the following materials, in approximately the following quantities, now held in the supplemental stockpile established pursuant to section 104(b) of the Agricultural Trade Development and Assistance Act of 1954, as amended (7 U.S.C. 1704(b)): (1) thirty-three thousand five hundred and fifty-two pounds of chromium metal; (2) four thousand five hundred and forty-eight short dry tons of acid grade fluorspar; and (3) fifty-six short tons of silicon carbide. Such disposition may be made without regard to the provisions of section 3 of the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98b): Provided, That the time and method of disposition shall be fixed with due regard to the protection of the United States against avoidable loss and the protection of producers, processors, and consumers against avoidable disruption of their usual markets. Approved October 9, 1965, 6:48 a.m.

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 79 STAT. ]

PUBLIC LAW 89-253-OCT. 9, 1965

973

Public Law 89-253 AN ACT To expand the w a r on poverty and enhance the effectiveness of program s under the Economic Opportunity Act of 1964.

October 9, 1965 [H. R. 8283]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may Economic opporbe cited as the "Economic Opportunity Amendments of 1965". t^unuy Amendments AMENDMENTS TO TITLE I — Y O U T H PROGRAMS JOB C O R P S — D I S P L A C E M E N T OF WORKERS

SEC. 2. Section 103 of the Economic Opportunity Act of 1964 is amended by inserting after "SEC. 103." the following new sentence: "The Director of the Office shall prescribe regulations to prevent programs under this part from displacing presently employed workers or the impairment of existing contracts for services."

^s Stat. ^sos.

JOB CORPS—PAYMENT TO CERTAIN INDIVIDUALS OR ORGANIZATIONS PROHIBITED

SEC. 3. Subsection (e) of section 103 of the Economic Opportunity Act of 1964 is amended by striking out the period and adding after the word "terminated" the following: ": Provided, however, That the Director shall make no payments to any individual or to any organization solely as compensation for the service of referring the names of candidates for enrollment in the Corps." JOB CORPS—CUBAN REFUGEES

SEC. 4. Section 104(a) of the Economic Opportunity Act of 1964 is amended by adding at the end thereof' the following: "For purposes of this subsection, any native and citizen of Cuba who arrived in the United States from Cuba as a nonimmigrant or as a parolee subsequent to January 1, 1959, under the provisions of section 214(a) or 212(d) (5), respectively, of the Immigration and Nationality Act shall be considered a permanent resident of the United States."

^2 USC 2714.

66 Stat. i89. a'use 1134, 1182.

JOB CORPS—ENROLLEE AFFIDAVITS

SEC. 5. Section 104(d) of the Economic Opportunity Act of 1964 is amended to read as follows: " (d) Each enrollee (other than an enrollee who is a native and citizen of Cuba described in section 104 (a) of this Act) must take and subscribe to an oath or affirmation in the following form: ' I do solemnly swear (or affirm) that I bear true faith and allegiance to the United States of America and will support and defend the Constitution and laws of the United States against all its enemies foreign and domestic'. The provisions of section 1001 of title 18, United States Code, shall be applicable to the oath or affirmation required under this subsection."

^2 Stat. 749.

JOB CORPS—APPLICATION OF FEDERAL EMPLOYEES' COMPENSATION ACT

SEC. 6. Section 106(c)(2)(A) of the Economic Opportunity Act of 1964 is amended retroactive to January 1, 1965, to read as follows: ^^ ^^0.21x6 " (A) The term 'performance of duty' in the Federal Employees' Compensation Act shall not include any act of an enrollee while absent 63 Stat.^*8 54^^' from his or her assigned post of duty, except while participating in an 5 USC 751 activity (including an activity while on pass or during travel to or from "°*'''

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such post of duty) authorized by or under the direction and supervision of the Corps." J O B C O R P S — E N R O L L E E WORK

42 USC 2^720

^^^^ ^' ^^^^iou 110 of the Economic Opportunity Act of 1964 is amended by inserting the word "male" before the word "enrollees" in the first sentence. WORK T R A I N I N G PROGRAMS

42 USC 2734.

66 Stat. 189, 8'use 1184.

ACTIVITIES

CUBAN

REFUGEES

gj,^. g Section 114(a) of the Economic Opportunity Act is amended by adding at the end thereof the following new sentence: "For purposes of this subsection, any native and citizen of Cuba who arrived in the United States from Cuba as a nonimmigrant or as a parolee subsequent to January 1, 1959, under the provisions of section 214(a) or 212(d)(5), respectively, of the Immigration and Nationality Act shall be considered a permanent resident of the United States."

1182. WORK

42 USC 2735.

TRAINING

FEDERAL

ASSISTANCE

SEC. 9. The first sentence of section 115 of the Economic Opportunity .^^.^ ^f ^QQ^ jg amended by striking out "two" and inserting in lieu thereof "three", and by striking out ", or June 30, 1966, whichever is later,". WORK-STUDY

42 USC 2754.

P R O G R A M S — L I M I T A T I O N S ON

P R O G R A M S — L I M I T A T I O N S ON FEDERAL

ASSISTANCE

§^0. 10. Section 124(f) of the Economic Opportunity Act of 1964 is amended by striking out "two" and inserting in lieu thereof "three", and by striking out "or June 30, 1966, whichever is later,". AMENDMENTS TO TITLE II — U R B A N AND RURAL COMMUNITY ACTION PROGRAMS COMMUNITY ACTION PROGRAMS-—PUBLIC INFORMATION

42 USC 2782.

SEC. 11. Section 202(a) of the Economic Opportunity Act of 1964 is amended by striking out "and" at the end of paragraph (3), by striking out the period at the end of paragraph (4) and inserting in lieu thereof "; and", and by adding at the end thereof the following new paragraph: "(5) which includes provision for reasonable access of the public to information including, but not limited to, reasonable opportunity for public hearings at the request of appropriate local community groups, and reasonable public access to books and records of the agency or agencies engaged in the development, conduct, and administration of the program, in accordance with procedures approved by the Director." TYPES OF P R O G R A M S

42 USC 2785.

SEC. 12. The last sentence of section 205(a) of the Economic Opportuuity Act of 1964 is amended by inserting after "including" the following: ", but not limited to,". SPECIAL PROGRAMS FOR THE CHRONICALLY UNEMPLOYED POOR

SEC. 13. Section 205 of the Economic Opportunity Act of 1964 is amended by redesignating subsection (d) as subsection (e) and adding after subsection (c) a new subsection (d) as follows:

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" (d) The Director is authorized to make grants under this section for special programs (1) which involve activities directed to the needs of those chronically unemployed poor who have poor employment prospects and are unable, because of age or otherwise, to secure appropriate employment or training assistance under other programs, (2) which, in addition to other services provided, will enable such persons to participate in projects for the betterment or beautification of the community or area served by the program, including without limitation activities which will contribute to the management, conservation, or development of natural resources, recreational areas. Federal, State, and local government parks, highways, and other lands, and (3) which are conducted in accordance with standards adequate to assure that the program is in the public interest and otherwise consistent with policies applicable under this Act for the protection of employed workers and the maintenance of basic rates of pay and other suitable conditions of employment." GENERAL

COMMUNITY

ACTION PROGRAMS—LIMITATIONS ASSISTANCE

ON

FEDERAL

S E C 14. (a) The first sentence of section 208(a) of the Economic Opportunity Act of 1964 is amended by striking out "two" and inserting in lieu thereof "three", and by striking out ", or June 30, 1966j whichever is later,". (b) Section 208 of such Act is amended by redesignating subsection (b) as subsection (c) and inserting a new subsection (b) as follows: " (b) The Director is authorized to prescribe regulations establishing objective criteria pursuant to which assistance may be reduced below 90 per centum for such community action programs or components as have received assistance under section 205 for a period prescribed in such regulations." (c) Section 208(c) of such Act (as so redesignated by subsection (b) of this section) is amended by adding at the end thereof a new sentence as follows: "The requirement imposed by the preceding sentence shall be subject to such regulations as the Director may adopt and promulgate establishing objective criteria for determinations covering situations where a literal application of such requirement would result in unnecessary hardship or otherwise be inconsistent with the purposes sought to be achieved."

78 Stat. 519. 42 USC:>788.

PARTICIPATION O F STATE AGENCIES

SEC. 15. Section 209(a) of the Economic Opportunity Act of 1964 is amended by inserting before the period the following: "including, but not limited to, consultation with appropriate State agencies on the development, conduct, and administration of such programs". DISAPPROVAL OF P L A N S

SEC. 16. Section 209(c) of the Economic Opportunity Act of 1964 is amended by (1) inserting "of part B " before "of title I " and (2) striking out "and such plan has not been disapproved by him within thirty days of such submission" and inserting in lieu thereof "and such plan has not been disapproved by the Governor within thirty days of such submission, or, if so disapproved, has been reconsidered by the Director and found by him to be fully consistent with the provisions and in furtherance of the purposes of this part".

^2 USC 2739.

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NOTICES

42 us^c 2^89

^^^- ^'^- Section 209 of the Economic Opportunity Act of 1964 is amended by redesignating subsection (d) as subsection (e) and by inserting after subsection (c) the following new subsection: " (d) When the Director receives an application from a private nonprofit agency for a community action program to be carried on in a community in which there is a community action agency carrying on a number of component programs, he shall, within five-days, give notice to such community action agency and the Governor of the State in which the community is located of the receipt of such application. When the Director determines that a separate contract or grant is desirable and practical and that good cause has been shown, he is authorized to make a grant directly to, or to contract directly with, such agency." ADULT BASIC EDUCATION P R O G R A M S — P A Y M E N T S; FEDERAL

42 USC 2805.

SHARE

SEC. 18. Section 216(b) of the Economic Opportunity Act of 1964 is amended by striking out "and the fiscal year ending June 30, 1966," and inserting in lieu thereof "and each of the two succeeding fiscal years,". ADULT BASIC EDUCATION P R O G R A M S — T E A C H E R T R A I N I N G

42 USC 2802.

42 USC 2807.

SEC. 19. Part B of title II of the Economic Opportunity Act of 1964 is amended— (1) by striking out "From the sums appropriated to carry out this title" in section 213(a) and inserting in lieu thereof "From so much of the sums appropriated or allocated to carry out this part as is not reserved pursuant to section 218"; and ^2) by redesignating section 218 as section 219 and inserting immediately after section 217 the following new section 218: "TEACHER TRAINING PROJECTS

42 USC 2801.

"SEC. 218. Not to exceed 5 per centum of the sums appropriated or allocated to carry out this part for any fiscal year may be reserved and used by the Director to provide (directly or by contract), or to make grants to colleges and universities. State or local educational agencies, or other appropriate public or private nonprofit agencies or organizations to provide, training to persons engaged or preparing to engage as instructors for individuals described in section 212, with such stipends and allowances, if any (including traveling and subsistence expenses), for persons undergoing such training and their dependents as the Director may by or pursuant to regulation determine." VOLUNTARY ASSISTANCE PROGRAM FOR NEEDY CHILDREN

42 USC 2822.

SEC. 20. Title II of the Economic Opportunity Act of 1964 is amended by striking out the second sentence of section 220(a) of p^rt C thereof. AMENDMENTS TO TITLE III — S P E C I A L PROGRAMS TO COMBAT POVERTY IN RURAL AREAS

42 USC 2841-

2881

SEC. 21. Title III of the Economic Opportunity Act of 1964 is amended by striking out "Grants and" in the heading, and by striking out the dash after the word "make" in the first subsequent sentence and the subsequent number " (1)".

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COOPERATIVE ASSOCIATION — P R O H I B I T I O N OF LOANS TO ASSIST MANUFACTURING

SEC. 22. Section 305(f) of the Economic Opportunity Act of 1964 is amended by inserting immediately before the period at the end thereof the following proviso: ": Provided, That packing, canning, cooking, freezing, or other processing used in preparing or marketing edible farm products, including dairy products, shall not be regarded as manufacturing merely by reason of the fact that it results in the creation of a new or different substance".

l\ ^*|^- ^^-^

ASSISTANCE FOR MIGRANT AND SEASONALLY EMPLOYED AGRICULTURAL EMPLOYEES

SEC. 23. Section 311 of the Economic Opportunity Act of 1964 is amended to read as follows:

^2 USC 286i.

" M I G R A N T S A N D SEASONALLY EMPLOYED AGRICULITJRAL E M P L O Y E E S

"SEC. 311. The Director is authorized to develop and implement a program of loans, loan guarantees, and grants to assist State and local agencies, private nonprofit institutions, and cooperatives in establishing, administering, and operating programs which will meet, or substantially and primarily contribute to meeting, the special needs of migratory workers and seasonal farm laborers and their families in the fields of housing, sanitation, education, and day care of children." INDEMNITY

PAYMENTS

TO DAIRY

FARMERS

SEC. 24. Section 331(c) of the Economic Opportunity Act is amended by striking the words "January 31, 1965" and inserting in lieu thereof the words "June 30, 1966".

42 USC 2881.

AMENDMENT TO TITLE V — W O R K EXPERIENCE PROGRAM

SEC. 25. Section 502 of the Economic Opportunity Act of 1964 is amended (1) by inserting after the first sentence thereof the following new sentence: "Workers in farm families with less than $1,200 net family income shall be considered unemployed for the purposes of this title.", and (2) by striking out of the last sentence the following: "for the fiscal year ending June 30, 1965,".

42 USC 2922.

AMENDMENTS TO TITLE VI—ADMINISTRATION AND COORDINATION VISTA VOLUNTEERS—ASSIGNMENT; APPLICATION OF OTHER PROVISIONS AND FEDERAL LAWS

SEC. 26. (a) Subsection (a) of section 603 of the Economic Opportunity Act of 1964 is amended by striking out everything in paragraph (2) following the clause designation " (C) " and inserting in lieu thereof "in connection with programs or activities authorized, supported, or of a character eligible for assistance under this Act." (b) Subsection (d) of such section is amended to read as follows: " (d)(1) Each volunteer shall take and subscribe to an oath or affirmation in the form prescribed by section 104(d) of this Act, and the provisions of section 1001 of title 18, United States Code, shall be

^2 USC 2943.

^"^'^' P- ''^3. ^^ ^*^*- "^^-

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applicable with respect to such oath or affirmation; but, except as rovided in paragraph (2) of this subsection, volunteers shall not e deemed to be Federal employees and shall not be subject to the provisions of laws relating to Federal employment, including those relating to hours of work, rates of compensation, and Federal employee benefits. "(2) All volunteers during training and such volunteers as are assigned pursuant to paragraph (2) of subsection (a) shall be deemed Federal employees to the same extent as enrollees of the J o b Corps binder section 106(b), (c), and (d) of this Act, except that for purposes of the computation described in paragraph (2)(B) of section 106(c) the monthly pay of a volunteer shall be deemed to be that received under the entrance salary for GS-7 under the Classification Act of 1949."

E

42 USC 2Vi°6,

Post, p. n i l.

N A T I O N A L ADVISORY C O U N C I L 42 USC 2945.

SEC. 27. Section 605 of the Economic Opportunity Act of 1964 is amended by striking "fourteen" in the second sentence and inserting in lieu thereof "twenty". PROGRAMS FOR THE ELDERLY POOR

42 USC 2941-

SEC. 28. Part A of title VI of the Economic Opportunity Act of 1964 is amended by adding at the end thereof the following new

2040

,•

^^^-

section:

®

'PROGRAMS FOR THE ELDERLY POOR

"SEC. 610. I t is the intention of Congress that whenever feasible the special problems of the elderly poor shall be considered in the development, conduct, and administration of programs under this Act." AFFIDAVITS

42 USC 2966.

SEC. 29. Title VI of the Economic Opportunity Act of 1964 is amended by striking out section 616 thereof and substituting a new section 616, as follows: "TRANSFER OF FUNDS

"SEC. 616. Notwithstanding any limitation on appropriations under any title of this Act, not to exceed 10 per centum of the amount appropriated or allocated from any appropriation for the purpose of enabling the Director to carry out programs or activities under any such title may be transferred and used by the Director for the purpose of carrying out programs or activities under any other such title; but no such transfer shall result in increasing the amounts otherwise available under any title by more than 10 per centum." AUTHORIZATION or APPROPRIATIONS

42 USC 2761.

SEC. 30. (a)(1) The first sentence of section 131 of the Economic Opportunity Act of 1964 is amended by striking out "two" and inserting in lieu thereof "three". (2) The second sentence of such section is amended to read as follows: " For the purpose of carrying out this title, there is hereby authorized to be appropriated the sum of $412,500,000 for the fiscal year ending June 30, 1965, and the sum of $700,000,000 for the fiscal year ending June 30, 1966; and for the fiscal year ending June 30,

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979

1967, and the succeeding fiscal year, such sums may be appropriated as the Congress may hereafter authorize by law." (b)(1) The first sentence of section 221 of such Act is amended by ^^ ^^^ ^^^-^ striking out "two" and inserting in lieu thereof "three". (2) The second sentence of such section is amended to read as follows: "For the purpose of carrying out this title, there is hereby authorized to be appropriated the sum of $340,000,000 for the fiscal year ending June 30, 1965, and the sum of $850,000,000 for the fiscal year ending June 30, 1966; and for the fiscal year ending June 30, 1967, and the succeeding fiscal year, such sums may be appropriated as the Congress may hereafter authorize by law." (c)(1) The first sentence of section 321 is amended by striking out '^^ ^^^ ^^^^" "two" and inserting in lieu thereof "three". (2) The second sentence of such section is amended to read as follows: "For the purpose of carrying out this title, there is hereby authorized to be appropriated the sum of $35,000,000 for the fiscal year ending June 30, 1965, and the sum of $55,000,000 for the fiscal year ending June 30, 1966; and for the fiscal year ending June 30, 1967, and the succeeding fiscal year, such sums may be appropriated as the Congress may hereafter authorize by law." (d)(1) The first sentence of section 503 of such Act is amended by "^^ ^^^ ''^^^• striking out "two" and inserting in lieu thereof "three". (2) The second sentence of such section is amended to read as follows: "For the purpose of carrying out this title, there is hereby authorized to be appropriated the sum of $150,000,000 for the fiscal year ending June 30, 1965, and the sum of $150,000,000 for the fiscal year ending June 30, 1966; and for the fiscal year ending June 30, 1967, and the succeeding fiscal year, such sums may be appropriated as the Congress may hereafter authorize by law." (e)(1) The first sentence of section 615 of such Act is amended by '*2 USC 2965. striking out "two" and inserting in lieu thereof "three". (2) The second sentence of such section is amended to read as follows: "For the purpose of carrying out this title (other than for purposes of making credits to the revolving fund established by section 606(a)), there is hereby authorized to be appropriated the sum of $10,000,000 for the fiscal year ending June 30, 1965, and the sum of $30,000,000 for the fiscal year ending June 30, 1966; and for the fiscal year ending June 30, 1967, and the succeeding fiscal year, such sums may be appropriated as the Congress may hereafter authorize by law." (f) Title VI of the Economic Opportunity Act of 1964 is further ^gM^^^ ^^'^^' amended by inserting at the end thereof a new section as follows: a DISTRIBUTION OF B E N E F I T S B E T W E E N RURAL A N D URBAN AREAS

"SEC. 617. The Director shall adopt appropriate administrative measures to assure that benefits of this Act will be distributed equitably between residents of rural and urban areas." AMENDMENT TO NATIONAL, DEFENSE EDUCATION ACT—MORATORIUM ON STUDENT LOANS TO VI S T A VOLUNTEERS

SEC. 31. (a) Paragraph (2)(A) of section 205(b) of the National Defense Education Act of 1958 (20 U.S.C. 425 (b)(2)(A)) is amended 75 Stat. 623. by striking out "or" JDefore " ( i i i) " and by inserting before the proviso and after "Peace Corps Act" the following: ", or (iv) not in excess of ^5 Stat. 612. three years during which the borrower is in service as a volunteer under note, '° section 603 of the Economic Opportunity Act of 1964". I^ f <A "Po (b) The amendments made by this section shall not apply to any loan 42 USC 2943. "^'""" "^^ outstanding on the effective date of this Act without the consent of the then obligee institution. Approved October 9, 1965, 8:30 p.m.
 * f '

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Public Law 89-254 October 10, 1965 [H. R. 728]

Merchant Marine Act, 1936, amendments. 74 Stat. 312. V e s s e l exchange program, extension,

49 Stat. 2001. 46 USC 11711183. Valuation of vessels.

Tanker v e s s e l s.

National defense r e s e r v e fleet.

60 Stat. 49.

46 USC 1191, 1271.

AN ACT To amend section 510 of the Merchant Marine Act, 1936.

Be it eifiacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the first sentence of subsection (i) of section 510 of the Merchant Marine Act, 1936, as amended (46 LT.S.C. 1160(i)), is amended as follows: (1) By striking out "within five years from the date of enactment of this Act war-built vessels (which are defined for purposes of this subsection as oceangoing" and inserting in lieu thereof the following: "before July 5, 1970,". (2) By striking out "during the period beginning September 3, 1939, and ending September 2, 1945)" and inserting in lieu thereof the following: "before September 3, 1945,". (3) By inserting immediately before the words "owned by the United States" the following: " (which are defined for purposes of this subsection as oceangoing vessels of one thousand five hundred gross tons or over which were constructed or contracted for by the United States shipyards during the period beginning September 3, 1939, and ending September 2, 1945)". (b) Paragraph (1) of subsection (i) of section 510 of the Merchant Marine Act, 1936, as amended, is amended to read as follows: "(1) The traded-in vessel shall have been owned by a citizen or citizens of the United States, documented under the laws of the United States, and shall not have been operated with operating-differential subsidy under title VI of this Act by the applicant or any affiliate of the applicant for at least three years immediately prior to the date of the exchange." (c) Paragraph (2) of subsection (i) of section 510 of the Merchant Marme Act, 1936, as amended, is amended by inserting after the period at the end thereof the following: "The value of a vessel when traded out shall be calculated in the same manner as its value was determined when it was traded in, except that vessels traded in prior to October 1, 1960, shall be valued on the basis yielding the highest fair return to the Government commensurate with the purposes of this subsection. I n each exchange of vessels under this subsection, the value of the vessel traded-in, unless based on scrap value, and the value of the vessel traded-out shall be calculated in the same manner." (d) Paragraph (9) of subsection (i) of section 510 of the Merchant Marine Act, 1936, as amended, is amended to read as follows: "(9) Except where traded out for use exclusively in trade and commerce on the Great Lakes, including the Saint Lawrence River and Gulf, tanker vessels may be traded out under the provisions of this subsection only for major conversions into dry cargo carriers or liquid bulk carriers, including natural gas carriers but excluding bulk petroleum carriers." SEC. 2. Section 510 of the Merchant Marine Act, 1936 is further amended by adding at the end thereof the following new subsection: "(j) Any vessel heretofore or hereafter acquired under this section, or otherwise acquired by the Secretary of Commerce under any other authority shall be placed in the national defense reserve fleet established under authority of section 11 of the Merchant Ship Sales Act of 1946 (50 U.S.C. A p p. 1744), and shall not be traded out or sold from such reserve fleet, except as provided for in subsections (g) and (i) of this section. This limitation shall not affect the rights of the Secretary of Commerce to dispose of a vessel as provided in other sections of this title or in titles VII or X I of this Act." Approved October 10, 1965.

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981

Public Law 89-255 AN ACT

October K), 1965

To authorize the Secretary of the Interior to acquire through exchange the Great Falls property in the State of Virginia for administration in connection with the George Washington Memorial Parkway, and for other purposes.

^^' ^'-"^^^

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary ^^^^l ^va^ of the Interior (hereinafter called the "Secretary") may accept title Land exchange. to, and administer in connection with the George Washington Memorial Parkway, pursuant to the Act of May 29, 1930 (ch. 354, 46 Stat. 482), as amended, the lands, and interests in lands, commonly known as the Great Falls property, more particularly described as follows, to wit: All of that land in Fairfax County, Virginia, depicted on the drawing designated " N C P 117.1-471B," filed among the land records of National Capital Parks, said drawing being Potomac Electric Power Company's drawing numbered 77345-E of June 20, 1949, as revised by the National Capital Parks on October 14, 1960, which land is comprised of 521.292 acres shown on the drawing as area 1, 53.446 acres shown as area 3, and 208.899 acres shown as area 4 on said drawing, the aggregate of which is 783.637 acres. SEC. 2. In exchange for the conveyance to the United States of the lands and interests in lands described in section 1 of this Act, the Secretary may convey to the Potomac Electric Power Company all the right, title, and interests of the United States in and to the following described portion of the lands commonly known as the Blue Ponds area: All that land situated in the county of Prince Georges, State of Maryland, depicted on the drawing designated N C P 123-375, dated October 17, 1960, filed among the land records of National Capital Parks, containing approximately 391 acres, less that land occupied by the reconstructed section of Muirkirk Road under permit of the Department of the Interior, dated September 3, 1954, issued to Prince Georges County, Maryland. SEC. 3. The Secretary may convey to the county of Prince Georges, State of Maryland, all the right, title, and interests of the United States in and to the following described portion of the lands commonly known as the Blue Ponds area: All that land occupied by the reconstructed section of the Muirkirk Road under permit of the Department of the Interior, dated September 3, 1954, issued to Prince Georges County, Maryland. Fair SEC. 4. The Secretary shall consummate the exchange authorized value. market by this Act on the basis of the fair market value of the properties. If the value of Federal properties does not approximately equal the value of privately owned properties, the Secretary may make up the difference by payment from donated funds or appropriated funds if donated funds are deficient: Provided, That not more than $1,000,000 may be Limitation. appropriated for the acquisition of land under this Act. SEC. 5. The Secretary of the Interior may accept title to, and administer in connection with the George Washington Memorial Parkway pursuant to the Act of May 29, 1930 (46 Stat. 482), as amended, approximately sixteen acres of land or interests therein that are partially surrounded by the property described in section 1 of this Act and that are now owned by the Fairfax County Park Authority, Commonwealth of Virginia. As consideration for such conveyance, the Secretary may enter into an agreement with the authority which permits the authority to operate, subject to such terms and conditions as the Secretary deems desirable, public parking facilities on such lands

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