Chapter 100. To amend subsection (d) of section 11 of the Merchant Marine Act of June 5, 1920, as amended by section 301 of the Merchant Marine Act of May 22, 1928
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CHAP. 100.— An Act To amend subsection
(d)of section 11 of the Merchant Marine Act of June 5, 1920, as amended by section 301 of the Merchant Marine Act of May 22, 1928. February 2, 1931.[[H. R. 7998](/us/bill/71/hr/7998).][[Public, No. 603](/us/pl/71/603).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That subsectionMerchant Marine Construction Loan fund.Vol. 45, p. 691, amended.[U. S. C., p. 1539; Supp. IV, p. 617](/us/usc/p1539/617).
(d)of section 11 of the Merchant Marine Act of June 5, 1920, as amended by section 301 of the Merchant Marine Act of May 22, 1928 (United States Code, title 46, section 871; Forty-fifth Statutes at Large, part 1, page 691), is amended to read as follows: " “(d) All such loans shall bear interest at rates as follows, payableInterest rates. not less frequently than annually: During any period in whichOperated in coastwise trade, or inactive. the vessel is operated exclusively in coastwise trade, or is inactive, the rate of interest shall be as fixed by the board, but not less than 5¼ per centum per annum. During the period in which a vesselReduced rate during construction, etc. is being constructed, equipped, reconditioned, remodeled, or improved; and/or, during any period in which such a vessel is operatedIn foreign trade. in foreign trade the rate shall be as fixed by the board, but provided however, that on all contracts hereinafter entered into, the interest rate shall be not less than 3½ per centum per annum. The lowestLower rate not to apply if vessel operated in coastwise, etc., trades for more than three months annually. rate of interest shall not be granted for the construction, equipment, reconditioning, remodeling or improvement of any vessel for the foreign trade, unless it is contracted that such vessel upon completion shall not be operated exclusivelyHigher rate collected for excess. and under enrollment in the coastwise and/or intercoastal trade for more than three months in any calendar year; and, if such vessel shall be operated exclusively and under enrollment in such trades for more than three months in any calendar year, the board shall collect the difference between the low rate of interest charged and 5¼ per centum per annum during the period of construction, equipment, reconditioning, remodeling or improvement. The board may prescribe rules for determiningRates to be prescribed. the amount of interest payable under the provisions of this paragraph.” " Approved, February 2, 1931.