Joint resolution to authorize the Secretary of Commerce to sell the steamship Monterey.
PL 84-260 (S.J.Res.92), enacted 08/09/1955

542 
PUBLIC LAW 260-AUG. 9, 1955 
[69 
S T A T . 
Appropriation. 
the presentation of twenty-one such medals to the foUowinj^-named 
scientific, educational and welfare societies of which Benjamin Frank-
lin was a member: The American Philosophical Society (Philadel-
phia), Philadelphia Society of the Sons of St. George, Accademia di 
Scienze, Lettre et Arti in Padors (formerly Reale Accademia), 
(Italy), L'Academie des Sciences, L'Institute de France (formerly 
Academic Royale), the Royal Society (England), Konigliche Gesell-
schaft der Wissenschafter, Gottingen (Germany), the Royal Society 
of Arts (England), J^ataafsch (xenootschap der Proefondervindelijke 
AVijsbegeerte (Netherlands), Tlie Academie de Medicine (France), 
The Medical Society of London, The American Academy of x\rts and 
Sciences (Boston), the Royal Society of Edinburgh, Real Academia 
de la Historia (Spain), Academie Nationale des Sciences, Belle-
Lettres et Arts de Lyon (France), Real Accademia delle Science di 
Torino (Italy), the Manchester Literary and Philosophical Society 
(England), the Societa Patrioca diretta aH'avanzamento delFAgri-
cultura delle Arti e delle Manifatture, Milano (Italy), the Phila-
delphia Society for Promoting Agriculture, the Society of Antiquaries 
of London, the Societe d'Agriculture, Sciences, Belle Lettres et Arts, 
Orleans (formerly Societie Royale) France, and The Library Com-
pany of Philadeli)hia, and for the presentation of fifty medals in 
cooperation with the two hundred and fiftieth anniversary committee 
of the Franklin Institute to other enterprises, institutions and societies 
founded or helped in their early development by Benjamin Franklin. 
SEC. 2. Such sums as may be necessary to carry out the j)urposes of 
this Act are hereby authorized to be a])propriated. 
Approved August 9, 1955. 
Public Law 260 
CHAPTER 620 
JOINT RESOLUTION 
August 9, 1955 
[S. J. Res. 92] 
To authorize the Secretary of Coimiierce to sell the steamship Monterey. 
Steamship 
Mon-
terey. 
Sale. 
Resolved hy the Senate and Houne of Representatives 
of the United 
States of America in Congress assenfibled^ That (a) the Secretary of 
Commerce is hereby authorized, during a period of six months after 
the enactment of this joint resolution, to sell the steamship Monterey 
and the uninstalled materials heretofore acquired by the United States 
with said vessel, which are held in stora<ife by the Maritime Adminis-
tration, Department of Commerce, to a citizen of the United States at 
competitive bidding, subject to the provisions of this joint resolution, 
and such terms and conditions not contrary hereto as the Secretary 
may prescribe. The vessel with such materials shall be sold on an "as 
is, where is'' basis, at an aggregate minimum sales price of $8,081,665.72, 
depreciated on the basis of a twenty-year life from August 6, 1952, to 
the date of the award of the contract of sale. Such sale shall be made 
upon a condition and agreement that the purchaser expend at least 
$10,000,000 to recondition the vessel satisfactory to the Secretary of 
Commerce in a domestic shipyard for passenger service, with docu-
mentation under the laws of the United States. Such sale shall be on 
the basis of the payment of not less than 25 per centum of the sale 
price of the vessel and materials at the time of the execution of such 
sales contract, with balance payable in approximately equal annual 
installments over the lite expectancy of the vessel after reconditioning 
by the purchaser which life expectancy shall be determined jointly 
by the Secretary of the Treasury and the Secretary of Commerce, with 
interest on the portion of the sales price remaining unpaid at the rate 
69 S T A T . ] 
PUBLIC LAW 261-AUG. 9, 1955 
543 
of 3I/2 ])er centum per annum; with right of prepayment from time to 
time of any or all of the sales price remaining unpaid. The obligation 
of the purchaser with respect to payment of such unpaid balance, with 
interest, shall be secured by a first ])referred mortgage on the vessel 
sold, which mortgage may provide that the sole recourse against the 
purchaser under such mortgage, and any of the notes secured thereby, 
shall be limited to repossession of the vessel by the United States and 
the assignment of insurance claims, if the purchaser shall have com-
plied 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 above-mentioned pre-
ferred mortgage and any other mortgage held by the Secretary of 
Commerce pursuant to an assignment under title X I of the Merchant 
4 6^u^sc^^i^2 71-
Marine Act, 1936, as amended, (2) in class, and (3) equipped and in as 1279. 
good order and condition, ordinary wear and tear excepted, as when 
reconditioned as a passenger vessel 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 satis-
fied by the assignment to the United States of claims of the purchaser 
under such policies of insurance. 
(b) Any contract of sale executed under authority of this joint reso-
lution shall provide that in the event the United States shall, through 
purchase or requisition, acquire ownership of such vessel, the owner 
shall be paid therefor the value thereof, but in no event shall such pay-
ment 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 deter-
mined by the Maritime Administrator, whichever is the greater; that 
such determination shall be final; that in computing the depreciated 
acquisition cost of such vessel, the depreciation shall be computed on 
the vessel on the schedule adopted or accepted by the Secretary of the 
Treasury for Federal income tax purposes as applicable to such vessel; 
that such vessel shall remain documented under the laws of the United 
States for a period of at least ten years after completion as a passenger 
ve^el 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 such vessel and be binding on all owners 
thereof. 
Approved August 9, 1955. 
Public Law 261 
CHAPTER 621 
AN ACT 
, 
„ „_ 
August 9, 1955 
To provide for the conveyance to the State of North Dakota, for use as a State 
[^' ^^^J 
historic site, of the land where Chief Sitting Bull was originally buried. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That the Secre- 
sutSg^B^rbur-
tary of the Interior is authorized and directed to convey to the State ^
^
^ sUe. 
of North Dakota for use as a State historic site all right, title, and 
interest, except as provided in section 2, of the United States and 
the Standing Rock Sioux Tribe of Indians to that parcel of land 
within the Standing Rock Reservation, North Dakota, which is the 
site wdiere Chief Sitting Bull was originally buried and is more