An Act to permit the admission to registry and the use in the coastwise trade of certain foreign-built hydrofoil vessels
PL 86-666 (H.R.3900), enacted 07/14/1960

74 STAT.1 
PUBLIC LAW 86-666-JULY 14, 1960 
533 
"§ 1824. Loan guaranty revolving fund 
"(a) There is hereby established in the Treasurj^ of the United 
Staftes a revolving fund known as the Veterans' Administration Loan 
Guaranty .Revolving Fund (hereinafter called the Fund). 
" (b) The Fund shall ^be available to the Administrator when so 
provided in appropriation. Acts and within such limitations as may 
be included in such Acts, without fiscal year limitation, for all loan 
guaranty and insurance operations under this chapter, except adminis-
trative expenses. 
"(c) There shall be deposited in the Fund (1) by transfer from 
current and future appropr;iations for readjustment benefits such 
amounts as may be necessary to supplement the Fund in order to meet 
the requirements of the Fund, and (2) all amounts now held or here-
after received by the Administrator incident to loan guaranty and in-
surance operations under this chapter, including but not limited to all 
collections of principal and interest and the proceeds from the use of 
property held or the sale of property disposed of. 
"(d) The Administrator shall determine annually whether there has 
developed in such Fund a surplus which, in his judgment, is more 
than necessary to meet the needs of the Fund, and such surplus, if any, 
shall immediately be transferred into the general fund receipts of the 
Treasury." 
(b) The analysis of chapter 37 of title 38, United States Code, is 
amended by deleting 
"1824. Waiver of discharge requirements for hospitalized persons." 
and inserting in lieu thereof: 
"1824. Loan guaranty revolving fund. 
"1825. Waiver of discharge requirements for hospitalized persons." 
(c) This section shall become effective as of July 1,1961. 
Approved July 14, 1960. 
Effective date. 
Public Law 86-666 
AN ACT 
To permit the admission to registry and the use in the coastwise trade of certain 
foreign-built hydrofoil vessels. 
July 14, I960 
[H. R. 3900] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That, notwithstand-
ing any other provision of law to the contrary, that certain hydrofoil 
vessel now known as the Flying Fish, built in Messina, Italy, and now 
owned by Calderone Enterprises Corporation, Hempstead, New York, 
and one other hydrofoil vessel of similar origin and ownership of less 
than one hundred gross tons may, at any time within eighteen months 
after the date of enactment of this Act, be documented as vessels of 
the United States, upon compliance with the usual requirements, 
with the privilege of engaging in the coastwise trade only to the 
extent necessary to permit the carriage of passengers and merchan-
dise, whether for hire or otherwise, between and among points within 
the Commonwealth of Puerto Rico as long as the vessels shall con-
tinue to be owned by a citizen of the United States. 
SEC. 2. When used in this Act, the term "citizen of the United States" 
includes a corporation, partnership, or association only if it is a citizen 
otthe United States within the meaning of section 4132 of the Revised 
Statutes of the United States, as amended (46 U.S.C. 11), and section 
2 of the Shipping Act, 1916, as amended (46 U.S.C. 802). 
Approved July 14, 1960. 
Certain foreignr 
built 
h y d r o f o i l 
vessels. 
41 Stat. 1008; 73 
Stat. 597.