An Act to amend the Mineral Leasing Act of February 25, 1920, as amended
PL 83-555 (S.2380), enacted 07/29/1954

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