Standby Mortgage Legislation

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U.S. Government Printing Office, 1959 - 49 pages
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Considers S. 1434 and S. 1457, to amend the Merchant Marine Act to revise mortgage procedures for financing ship construction, reconstruction, and reconditioning.

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Page 46 - Union, and ordered to be printed [Omit the part struck through and Insert the part printed In italic...
Page 39 - ... part or all of the loan in the operator's capital reserve fund, if he is a subsidized operator, and in a construction reserve fund, if he is an unsubsidized operator; if any deposit is made in a capital reserve fund, or construction reserve fund under (c) hereof, such deposit may be withdrawn only to pay one of the components of actual cost of the vessels that are to be constructed, reconstructed, or reconditioned, or if for any reason such payments do not exhaust the deposit, then to pay off...
Page 2 - Lakes, involve an obligation in a principal amount which does not exceed 75 per centum of the net purchase price of such vessels plus 75 per centum of the amounts expended for altering, modifying, converting, and equipping such vessels in excess of that purchase price, or 75 per centum of the amount which the Secretary of Commerce estimates will be the value of such vessel so purchased for exclusive use on the Great Lakes when the reconstruction or reconditioning is completed, whichever is the lesser...
Page 15 - Commerce, economically sound) ; "(4) the mortgage involves a principal obligation which when added to the unpaid balance of the principal obligations of prior mortgages on the vessel (other than mortgages that are being refinanced by this mortgage) will result in a sum which will not, (a) if the vessel was not built with the aid of construction-differential subsidy and complies with the requirements of section...
Page 3 - ... or, if the vessel has been reconstructed or reconditioned, do not exceed the remaining years of a useful life of the vessel determined jointly by the Secretary of the Treasury and the Secretary of Commerce; (6) the loan agreement for the making of the loan secured by the mortgage, or the mortgage, provides that the underwriter or mortgagee will disburse the loan for one or more of the following purposes: (a) to pay one of the components of actual cost of the vessels to be constructed, reconstructed,...
Page 3 - ... (7) the mortgage complies with all of the requirements of section 1104 (a) of this Act (which defines an eligible mortgage) except subdivision 2 thereof (which specifies the maximum principal amount of the mortgage) , subdivision 3 thereof (which specifies the maximum duration of the mortgage) , and subdivision 8 thereof (which specifies the purpose of the loan secured by the mortgage) ; (8) the mortgaged vessel shall be in class Al, American Bureau of Shipping, with all required certificates,...
Page 47 - ... the vessel determined jointly by the Secretary of the Treasury and the Secretary of Commerce; (6) the loan agreement for the making of the loan secured by the mortgage, or the mortgage, provides that the underwriter or mortgagee will disburse the loan for one or more of the following purposes: (a) to pay one of the components of actual cost of the vessels to be constructed, reconstructed, or reconditioned and, if any such payment is to reimburse the operator for payments made from his capital...
Page 1 - Be it enacted by the Senate and House of Representatives of the Vnited States of America in Congress assembled, That this Act may be cited as the Bank Holding Company Act of 1947.
Page 2 - Commerce] unless he finds, at or prior to the time such commitment is made, that the property or project with respect to which the mortgage or loan will be executed will be, in his opinion, economically sound...
Page 48 - Department, and so far as due diligence can make her so, tight, staunch, strong and well and sufficiently tackled, appareled, furnished and equipped, and in every respect seaworthy and In good running condition and repair, with clean swept holds and in all respects fit for service.

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