Page:United States Statutes at Large Volume 60 Part 1.djvu/69

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PUBLIC LAWS-CH. 82 -MAR. 8 , 1946 desirable features which are incorporated in the standard vessel used for the purpose of determining prewar domestic cost, and that the statutory sales price (unadjusted) would be lower if the standard vessel had also lacked such features, there shall be sub- tracted the amount estimated by the Commission as the amount of such resulting difference in statutory sales price. (3) If the Commission is of the opinion that the vessel contains desirable features which are not incorporated in the standard vessel used for the purpose of determining prewar domestic cost, and that the statutory sales price (unadjusted) would be higher if the standard vessel had also contained such features, there shall be added the amount estimated by the Commission as the amount of such resulting difference in statutory sales price. Subtraction for nor- (4) There shall be subtracted, as representing normal deprecia- hal depreciation. tion, an amount computed by applying to the statutory sales price (determined without regard to this paragraph) the rate of 5 per centum per annum for the period beginning with the date of the original delivery of the vessel by its builder and ending with the date of sale or charter to the applicant in question, and there shall also be subtracted an amount computed by applying to the statu- tory sales price (determined without regard to this paragraph) such rate not in excess of 3 per centum per annum in the case of a vessel other than a tanker, and not in excess of 4 per centum per annum in the case of a tanker, for such period or periods of war service as the Commission determines will make reasonable allow- ance for excessive wear and tear by reason of war service which cannot be or has not been otherwise compensated for under this subsection. Restriction on ad- No adjustment, except in respect of passenger vessels constructed before January 1, 1941, shall be made under this Act which will result in a statutory sales price which (1) in the case of dry-cargo vessels (except Liberty type vessels) will be less than 35 per centum of the domestic war cost of vessels of the same type, (2) in the case of any Liberty type vessel will be less than 31/2 per centum of the domestic war cost of vessels of such type, or (3) in the case of a tanker will be less than 50 Liberty vessels. per centum of the domestic war cost of tankers of the same type. For the purposes of this Act, except section 5, all Liberty vessels shall be considered to be vessels of one and the same type. "Domestic war (e) "Domestic war cost" as applied to any type of vessel means the ost., o e average construction cost (without national defense features) as deter- mined by the Commission, of vessels of such type delivered during the calendar year 1944, except in case of any type of vessel the principal deliveries of which were made after the calendar year 1944, there shall be used in lieu of such year 1944 such period of not less than six con- secutive calendar months as the Commission shall find to be most representative of war production costs of such type. "Csation of hos- (f) "Cessation of hostilities" means the date proclaimed by the President as the date of the cessation of hostilities in the present war, or the date so specified in a concurrent resolution of the two Houses of the Congress, whichever is the earlier. "Citizen of the (g) "Citizen of the United States" includes a corporation, partner- nited States." ship, or association only if it is a citizen of the United States within 39 Sta 7 . 9.802 the meaning of section 2 of the Shipping Act of 1916, as amended. 03. The term "affiliated interest" as used in sections 9 and 10 of this Act Pot, pp. n4,49. includes any person affiliated or associated with a citizen applicant for benefits under this Act who the Commission, pursuant to rules and regulations prescribed hereunder, determines should be so included in order to carry out the policy and purposes of this Act. t I 8 n hi 0 42 [60 STAT.