Joint resolution to authorize the Secretary of Commerce to sell certain war-built passenger-cargo vessels, and for other purposes
PL 83-553 (H.J.Res.534), enacted 07/29/1954

682 
PUBLIC LAW 553-JULY 29, 1954 
[68 S T A T . 
was taken by the United States from the said tribe at any time prior 
to the effective date of said agreement; (2) whether, and in what 
amount, if any, the Navajo Tribe is entitled on the basis of such deter-
mination to compensation for the acquisition or taking, by the United 
States, of the property interest or any part thereof covered by such 
assignment; and (3) whether, and in what amount, if any, the United 
States is entitled to credit against such compensation for rentals on 
such lease or for other expenditures, borne by the United States, for 
the benefit of such lease prior to any such acquisition or taking by the 
United States; and to enter judgment in accordance with such deter-
minations. No offsets shall be deducted by the court from any net 
sum, and the interest thereon, if any, that the court awards under 
this section. 
The provisions of the last two sentences of section 1 of 
this Act shall be applicable to any judgment entered pursuant to this 
section." 
Approved July 29, 1954. 
Public Law 553 
CHAPTER 642 
July 29, 1954 
JOINT RESOLUTION 
[H. J. Res. 534] rp^ authorize the Secretary of Coiumerce to sell certain war-built passenger-cargo 
vessels, and for other purposes. 
War built veS' 
sels, etc. 
Resolved hy the Senate mid House of Representatives 
of the United 
States of America in Congress assembled^ That (a) the Secretary of 
saie'to'American Commerce is hereby authorized, during a period of six months after 
President Lines, ^j^^ enactment of tliis Act, to sell to American President Lines, Limited, 
the war-built passenger-cargo vessels, the steamship President Cleve-
land and the steamship President Wilson, on an as-is where-is basis, 
at the sales price of $6,500,000 per vessel and from such price there 
shall be subtracted, as depreciation, $1,225 per day per vessel for the 
period beginning April 1, 1954, and ending with date of execution of 
the contract of sale of the respective vessel. Each such sale shall be 
on the basis of the payment of not less than 25 per centum of the 
respective vessel sales price at the time of the execution of such vessel 
sales contract, with balance payable in approximately equal annual 
installments over the remainder of the twenty-year economic life of 
the vessel with interest on the portion of the vessel sales price 
.;. 
remaining unpaid at the rate of 3^^ per centum per annum. The obli-
gation of the purchaser with respect to payment of such unpaid bal-
ance, with interest, shall be secured by a preferred mortgage on the 
vessel sold, which mortgage may provide that the sole recourse against 
the purchaser of the vessel under such mortgage, and any of the notes 
secured thereby, shall be limited to repossession of the vessel bv the 
United States and the assignment of insurance claims, if the purchaser 
shall have complied with all provisions of the mortgage other than 
those relating to the payment of principal and interest when due, and 
the obligation of the purchaser shall be satisfied and discharged by 
the surrender of the vessel, and all right, title, and interest therein to 
the United States. Such vessel upon surrender shall be (1) free and 
clear of all liens and encumbrances whatsoever, except the lien of the 
jjreferred mortgage, (2) in class, and (3) in as good order and con-
dition, ordinary wear and tear excepted, as when acquired by the 
purchaser, except that any deficiencies with respect to freedom from 
encumbrances, condition, and class, may, to the extent covered by valid 
policies of insurance, be satisfied by the assignment to the United 
States of claims of the purchaser under such policies of insurance. 
68 
S T A T . ] 
PUBLIC LAW 555-JULY 29, 1954 
583 
' (b) Any contract of sale executed under authority of this Act 
shall provide that in the event the United States shall, through 
purchase or requisition, acquire OAvnership of such vessels or vessel, 
the owner shall be paid therefor the value thereof, but in no event 
shall such payment exceed the actual depreciated sales price under 
such contract (together with the actual depreciated cost of capital 
improvements thereon), or the fair and reasonable scrap value of 
such vessel, as determined by the Maritime Administrator, which-
ever is the greater; that such determination shall be final; that in 
computing the depreciated acquisition cost of such vessel, the depre-
ciation shall be computed on the vessels on the schedule adopted by 
the Internal Revenue Service for income tax purposes as applicable 
to each such vessel; that each such vessel shall remain documented 
under the laws of the United States during the remainder of the 
twenty-year economic life of the vessel or as long as there remains 
due the United States any principal or interest on account of the 
sales price, whichever is the longer period; and that the foregoing 
provisions respecting the requisition or the acquisition of ownership 
by the United States, and documentation shall run with the title to 
each such vessel and be binding on all owners thereof. 
Approved July 29, 1954. 
R e q u i s ition or 
a c q u i s i t i o n by 
U. S. 
Public Law 554 
CHAPTER 643 
AN ACT 
To amend the Agricultural Act of 1949. 
July 29, 1954 
[S. 1381] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled. That section 407 of 
the Agricultural Act of 1949, as amended, is amended by adding at 
the end thereof the following: "Nor shall the foregoing restrictions 
apply to sales of commodities the disposition of which is desirable in 
the interest of the effective and efficient conduct of the Corporation's 
operations because of the small quantities involved, or because of age, 
location or questionable continued storability, but such sales shall 
be offset by such purchases of commodities as the Corporation deter-
mines are necessary to prevent such sales from substantially impairing 
any price-support program, but in no event shall the purchase price 
exceed the then current support price for such commodities." 
Approved July 29, 1954. 
F a r m commodi-
ties, sale. 
63 Stat. 1055. 
7 u s e 1427. 
Public Law 555 
CHAPTER 644 
AN ACT 
To amend the Mineral Leasing Act of February 25, 1920, as amended. 
July 29,1954 
[S. 2380] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That the Act of 
February 25, 1920, as amended (30 U. S. C. 226), is further amended 
as follows: 
(1) Strike out the second paragraph of section 17 and insert the 
folloAving language in lieu thereof: 
"Any lease issued under this Act which is subject to termination by 
^^ 
reason of cessation of production.shall not terminate if within sixty pe'rlVd' 
days after production ceases, reworking or drilling operations are 
commenced on the land under lease and are thereafter conducted with 
Oil or gas lands. 
Leases. 
60 Stat. 951. 
Status 
d u r i n g 
n o n p r o d u c t i o n