53 STAT.] 76TH CONG., 1ST SESS.-CH. 555 -AUG. 7, 1939 "The foregoing provision respecting the requisition or the acqui- sition of ownership by the United States shall run with the title to such vessel or vessels and be binding on all owners thereof." SEC. 3. That section 902 of the Merchant Marine Act, 1936, as amended (49 Stat. 2015; U. S . C., 1934 edition, Supp. IV, title 46, sec. 1242), is amended to read as follows: "SEO. 902. (a) Whenever the President shall proclaim that the security of the national defense makes it advisable or during any national emergency declared by proclamation of the President, it shall be lawful for the Commission to requisition or purchase any vessel or other watercraft owned by citizens of the United States, or under construction within the United States, or for any period during such emergency, to requisition or charter the use of any such property. The termination of any emergency so declared shall be announced by a further proclamation by the President. When any such property or the use thereof is so requisitioned, the owner thereof shall be paid just compensation for the property taken or for the use of such prop- erty, but in no case shall the value of the property taken or used be deemed enhanced by the causes necessitating the taking or use. If any property is taken and used under authority of this section, but the ownership thereof is not required by the United States, such prop- erty shall be restored to the owner in a condition at least as good as when taken, less ordinary wear and tear, or the owner shall be paid an amount for reconditioning sufficient to place the property in such con- dition. The owner shall not be paid for any consequential damages arising from a taking or use of property under authority of this section. "(b) When any vessel is taken or used under authority of this sec- tion, upon which vessel a construction-differential subsidy has been allowed and paid, the value of the vessel at the time of its taking shall be determined as provided in section 802 of this Act, and in determining the value of any vessel taken or used, on which a con- struction-differential subsidy has not been paid, the value of any national defense features previously paid for by the United States shall be excluded. "(c) If any property is taken and used under authority of this sec- tion, but the ownership thereof is not required by the United States, the Conimission, at the time of the takiilg or as soon tlhereafter as the exigencies of the situation may perlit, shall tralsmit to tile person entitled to the possession of such property a charter setting forth the terms which, in the Commission's judgment, should govern the rela- tions between the United States and such person and a statement of the rate of hire which, in the Commission's judgment, will be just compensation for the use of such property and for the services required under the terms of such charter. If such person does not execute and deliver such charter and accept such rate of hire, the Commission shall pay to such person on account of just compensation a sum equal to 75 per centum of such rate of hire as the same may from time to time be due under the terms of the charter so tendered, and such person shall be entitled to sue the United States to recover such further sum as added to such 75 per centum will make up such amount as will be just compensation for the use of the property and for the services required in connection with such use. In the event of loss or damage to such property, due to operation of a risk assumed by the United States under the terms of a charter prescribed in this subsection, but no valuation of such vessel or other property or mode of compensation has been agreed to, the United States shall pay just compensation for such loss or damage, to the extent the person enti- tled thereto is not reimbursed therefor through policies of insurance against such loss or damage. 1255 Title. 49 Stat. 2015 . 46 U. S. C., Supp. IV, § 1242. Requisition, etc., of vessels by Commis- sion during national emergency. Vessels under con- struction included. Termination of emergency. Payment. Property taken and used but not required; restoration to owner, etc. Determination of value of vessel taken on which construction- differential subsidy has been paid. Provision where subsidy has not been paid. 'r operty taken and lsed bllt ownershli not required by U.I. Rate of hire. Suit, etc., if amount unsatisfactory. Payment for loss or damage due to Gov- ernment operation.