An Act to authorize the extension of certain naval vessel loans now in existence
PL 88-437 (H.R.11035), enacted 08/14/1964

444 
August 14, 1964 
[H, R. 11035] 
PUBLIC LAW 88-437-AUG. 14, 1964 
Public Law 88-437 
[78 STAT. 
AN ACT 
To authorize the extension of certain naval vessel loans now in existence. 
Naval vessel 
loans. 
Extension. 
70A Stat. 452. 
50 u s e app. 
1878-18781, 1879. 
Notice to 
Congress. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in (Congress assembled^ That, notwithstand-
ing section 7307 of title 10, United States Code, or any other law, the 
President may extend on such terms and under such conditions as he 
deems appropriate the loan of ships, previously authorized as indicated, 
as follows: (1) Argentina, two submarines (Act of July 18, 1958 (72 
Stat. 376)); (2) Brazil, two destroyers (Act of July 18,1958 (72 Stat. 
376)); (3) China, four destroyers (Act of August 5, 1953 (67 Stat. 
363), as amended); (4) Germany, five destroyers (Act of July 18, 
1958 (72 Stat. 376)); (5) Greece, four destroyers (Act of July 18, 
1958 (72 Stat. 376)); (6) Italy, three submarines (Act of August 5, 
1953 (67 Stat. 363), as amended, and Act of July 18, 1958 (72 Stat. 
376)); (7) Japan, one submarine (Act of August 5, 1953 (67 Stat. 
363)); four destroyers (Act of August 5, 1953 (67 Stat. 363) and Act 
of July 18, 1958 (72 Stat. 376)), and two destroyer escorts (Act of 
August 5,1953 (67 Stat. 363)); (8) Netherlands, two submarines (Act 
of July 11, 1952 (66 Stat. 587)^ as amended); (9) Peru, one destroyer 
(Act of July 18,1958 (72 Stat. 376)); (10) Spain, one submarine and 
three destroyers (Act of July 18,1958 (72 Stat. 376)); (11) Thailand, 
one destroyer escort (Act of July 18, 1958 (72 Stat. 376)); and (12) 
Turkey, five submarines (Act of August 7, 1953 (67 Stat. 471), as 
amended, and Act of July 18,1958 (72 Stat. 376)). 
SEC. 2. All loan extensions executed under this Act shall be for 
periods not exceeding five years, but the President may in his discre-
tion extend such loans for an additional period of not more than five 
years. They shall be made on the condition that they may be termi-
nated at an earlier date if necessitated by the defense requirements of 
the United States. 
SEC. 3. No loan may be extended under this Act unless the Secretary 
of Defense, after consultation with the Joint Chiefs of Staff, deter-
mines that such extension is in the best interest of the United States. 
The Secretary of Defense shall keep the Congress currently advised of 
all extensions made under authority of this Act. 
SEC. 4. The President may promulgate such rules and regulations as 
he deems necessary to carry out the provisions of this Act. 
Approved August 14, 1964. 
August 14, 1964 
[H. R. 10610] 
Public Law 88-438 
AN ACT 
To provide for the conveyance of certain real property under the control of the 
Administrator of Veterans' Affairs. 
McKinney, Tex. 
Conveyance. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of Am^erica in Congress assembled^ That the Adminis-
trator of Veterans' Affairs shall be authorized to convey to the city of 
McKinney, Texas, at 50 per centum of its appraised value, and for 
recreational purposes, all right, title, and interest of the United States 
in and to a portion of the real property of the Veterans' Administra-
tion Hospital, McKinney, Texas, approximating thirty-nine acres, 
more or less. The exact legal description and the appraised value