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110 of fifty years after date of issue, as in said Act of August fifth, nineteen ‘hundred and nine prescribed: Pro- vided, further, That payments for such purchases, chartering, or con- struction from the proceeds of sales of bonds, or delivery of bonds in payment therefor, shall be made only as ordered and directed by the board. Charter to Private Interests Sec. 4. That the board is hereby authorized to charter, lease, or sell ~.the vessels purchased, chartered, or constructed by the United States, as herein provided, to any corporation, firm, -or individual, a citizen or citi- zens of the United States, desiring to use them in the transportation of the commerce of the United States with foreign countries, or with Alaska, the Panama Canal Zone, the Philip- pine Islands, the Hawaiian Islands, or the islands of Porto Rico, Guam, and Tutuila, upon such terms and conditions as. may be prescribed by ‘the board and approved by the Presi- dent: Provided, That vessels con- structed in American ship yards and navy yards, under the provisions of this act, may be chartered, leased, or sold to any such corporation, firm, or individual, a citizen or citizens of the United States, for the coastwise trade of the United States, particularly the trade between the Atlantic, Gulf and Pacific coasts: And provided further, That such corporation, firm or indi- vidual: shall agree that any and all vessels purchased, leased, or chartered from the said board shall be operated under American registry or enroll- ment, unless otherwise authorized and approved by the said board, and that no vessel purchased, leased, or char- tered from the said board will be ‘sold, leased, chartered, or rechartered to any corporation, firm, or individual without the consent and approval of the said board: And provided fur- ther, That such corporation, firm, or individual shall. agree ‘his interest in any and all vessels purchased, leased, or chartered from .the board may be taken at any time by the United States, absolutely or temporarily, and the vessels used as transports, naval auxiliaries, cruisers, or for any. other naval or military purpose, upon the payment to the corporation, firm, or individual in- .terested of the fair actual value of its or his interest therein, based upon normal conditions, if the vessels are taken. absolutely, or the reasonable rental value, based upon normal con- ditions, if taken temporarily, such fair actual value or reasonable rental value, as the case may be, to be determined by the board and approved by the President. | When the vessels purchased or con- structed by the board as herein pro- vided, and owned by the United States, become in the opinion of the board unfit for the purpose for which purchased or constructed, the same shall be appraised and sold, either by sealed proposals for the purchase of the same or by public auction after advertisement of the sale for such time as in the judgment of the board the public interests require, the pro- ceeds of such sales, after payment therefrom of the expenses thereof to be covered into the Treasury of . the United States. -rg79__Sec. 5. That the President of the 9 United States. is hereby authorized THE ‘that. no: vessel purchased, that: <sits cor: -iliaries, to transfer to the board such naval auxiliaries belonging to the Naval Establishment of the United States as are suitable for commercial uses, and which are not required for use in, the navy in ti..e of peace, and vessels belonging to the War Depart- ment suitable for commercial uses and not required for military trans- ports in time of peace, and to cause to be transferred to the board vessels now owned and operated by the Panama Railroad Company, and not required in the business of such com- pany, and the board, subject to the approval of the President, is hereby authorized to charter, lease, or sell such vessels to any corporation, firm, or individual, a citizen or citizens of the United States, desiring to use them in the coastwise trade of the United States, particularly the trade between the Atlantic, Gulf and Pa- cific coasts, or in the transportation of the commerce of the United States with foreign countries, or with Alaska, the Panama Canal Zone, the Philip- pine Islands, the Hawaiian Islands, or the islands of Porto Rico, Guam, and Tutuila, upon such terms and conditions as the board, with the approval of the President. of the United States, shall prescribe: Pro- vided, that such corporation, firm, or individual shall agree that any and all vessels purchased, leased or char- tered from the said board shall be ‘operated under American: registry or enrollment, unless otherwise author- ized and approved by the board, and leased or chartered from the said board will be sold, leased, chartered. or rechar- tered to any corporation, firm or in- dividual without the consent and ap- proval of the said board: And pro- vided, further, That such corporation, firm or individual shall agree that its vor. his interest in any and all vessels purchased, leased or chartered from ‘the said board may be taken at any time by the United States, ab- solutely or temporarily, and the ves- sels used as transports, naval aux- cruisers, or for any other naval or military purpose, upon the payment to the corporation, firm or individual interested of the fair actual value of its or his interest therein, based upon normal conditions, if the vessels are taken absolutely, or the reasonable rental value, based upon normal conditions, if taken tem- porarily, such fair actual value or reasonable rental value, as the case -may be, to be determined by the board and approved by the President. Considered as Merchant Vessels Sec. 6. That all vessels purchased, chartered, or leased from the board, as herein provided, shall be registered or enrolled under the laws of the United States as vessels of the United States and entitled to the benefits and privileges appertaining to ves- sels of the United States, and shall, when and while employed solely as merchant vessels, be in all respects subject to all laws, regulations, and liabilities governing merchant vessels, whether the United States be inter- ested therein as owner, in whole or in part, or shall have or hold any mortgage, lien, or other interest therein, and hereafter no vessel reg- istered or enrolled under the laws of the United States shall be sold to any person, firm, or corporation MARINE REVIEW other than a citizen of the Unit States, or transferred to any foreig registry without the approval of sq board, and in the event that any ye. sel is sold or transferred except herein provided, such vessel sh» thereafter be refused clearance fro more than five years, or to the pa ment of a fine of not less than $1, and not more than $5,000 or both. Sec. 7—That the President of the United States, upon giving to the corporation, firm, or individual jn terested such reasonable notice in writing as in his judgment the cir — cumstances will permit, may take pos- session, absolutely or temporarily, for use as transports, naval auxiliaries, cruisers, or for any other naval or military purpose, of any vessel or vessels purchased, leased or chartered — from the board, and said corporation, — firm or individual shall be entitled to a reasonable price or rental therefor, — based upon normal conditions, to be determined by the board and ap- proved by the President: Provided, That if in the judgment of thes President an emergency exists requir- ing such action, he may take posses- sion of any such vessel or vessels without rfotice. Organize Private Company Sec. 8=—That the board hereby: _created, if in its judgment such action is necessarily to carry out the pur- poses of this Act, may form under the laws of the United States, or of © the District of Columbia, a corpora- tion or corporations with capital stock in — such amount as the board may prescribe, such capital stock, however, to be within the limits of the appropriations made by — this Act, whose object shall be the pur- chase, construction, equipment, mainten- ance, and operation of merchant vessels in the commerce of the United States and with foreign countries and with Alaska, the Panama Canal Zone, the Philippine Islands, the Hawaiian Islands, — or the islands or Porto Rico, Guam, and Tutuila, and the chartering or leasing of vessels for such purposes; and for and on behalf of the United States, may sub- scribe to and purchase not less than a majority of the capital stock of such corporation or corporations, and_ shall have the authority to vote the stock of the United States owned in such cor- poration or corporations, and also to do all other things in regard thereto as may be necessary to protect the interests of the United States and to carry out the purposes of this Act, and the board, with the approval of the President, may at any time sell the stock of such cof- poration or corporations owned by the United States. Sec. 9—That the board hereby created shall have the power and authority to regulate the operation of all corporations, firms, or individuals engaged as common carriers in the transportation of passen- gers and property by water between the — ports of the United States, and not en-_ tirely within the limits of a single State, and between the United States and for- eign countries, and between the United States and its territories and possessions, — and between the territories and posses- — sions of the United States, and to deter- mine and prescribe just and reasonable ~ rates or charges to be demanded or col- — lected for the transportation of passen- —