61 STAT.] 80TH CONG. , 1 ST SESS.-CH. 493-AUG. 5 , 1947 contained in the Reconstruction Finance Corporation Act (U. S . C., title 15, secs. 601-617) pursuant to undertakings by the War Depart- ment or the Navy Department to reimburse Defense Plant Corporation or Reconstruction Finance Corporation to the extent of the unrecovered cost thereof in the event Congress authorizes such reimbursement by making appropriations therefor, shall be transferred by Reconstruction Finance Corporation (or by War Assets Administration, if such prop- erty has been declared surplus) to the War Department or the Navy Department upon certification by the Secretary of War or the Secretary of the Navy made within six months after the enactment hereof, that the retention of such plants or facilities, and the machinery, equip- ment, and other personal property accessory thereto, by the War Department or the Navy Department, as the case may be, is necessary for the maintenance of an adequate Military or Naval Establishment including industrial reserve. (b) Notwithstanding any other provision of law, all right, title, and interest of Reconstruction Finance Corporation or War Assets Admin- istration in any machinery or equipment shall be transferred by the agency having control thereof to the War Department or the Navy Department upon certification by the Secretary of War or the Secretary of the Navy made within six months after the enactment hereof, that the retention of such machinery or equipment by the War Department or the Navy Department, is necessary for the maintenance of an adequate Military or Naval Establishment, including industrial reserve. SEC. 4. Any transfer made pursuant to section 3 of this Act shall be approved by the Director of the Bureau of the Budget to the extent and in the manner determined by him and shall be made without charge or reimbursement from the funds available to the War Department or the Naw Department, except for costs of packing, handling, and transportation of machinery and equipment transferred under section 3 (b) hereof. SEC. 5. (a) Whenever in the opinion of the Secretary of War or the Secretary of the Navy, as the case may be, the interests of national defense require assurance of the continued availability for war-produc- tion purposes of the industrial capacity of shipyards, plants, and equip- ment which are surplus to the needs of their respective I)epartments or of the Reconstruction Finance Corporation within the meaning of the Surplus Property Act of 1944, they are authorized to direct the imposition of such terms, conditions, restrictions, and reservations in the disposition of such property by the disposal agency under said Act as will in the opinion of the Secretary concerned be adequate to assure such continued availability. (b) In the event the disposal agency is unable to dispose of any such industrial plants and equipment subject to such terms, conditions, restrictions, or reservations as have been imposed, within a reasonable time and after such property shall have been offered for sale and rea- sonable efforts made to dispose of the same, the Department imposing such terms, conditions, restrictions, or reservations shall (1) modify them to the extent necessary to permit the sale or lease of such property, (2) withdraw the property from surplus, or, in the case of Recon- struction Finance Corporation property, request a transfer thereof in the manner provided in sections 3 (a) and 4 of this Act, or (3) eliminate and waive the requirement for the imposition of any terms, conditions, restrictions, or reservations made under the authority of this section. SEC. 6. The lessee's interest, made or created pursuant to the provi- sions of this Act, shall be made subject to State or local taxation. Any 47Stat. 5. Ante, p. 202 et ae. Transfer of Interest In machinery, etc. Approval of trans- fer. Terms to assure con- tinued availability of plants, ete. IM Stat. 7s5. 50U.S.C.app. 1611-16411. Ante, p. 678 . Modification of terms, etc. State or local tares. 775
�
