therefor, as determined pursuant to regulations prescribed by the Postmaster General.". SEC. 2. The postage on mail matter sent and received through the mails under the franking privilege by the Vice President, Members, and Members-elect of Congress, the Delegates and Delegates-elect from Alaska and Hawaii, the Resident Commissioner from Puerto Rico, the Secretary of the Senate, and the Clerk of the House of Representatives, including registry fees if registration is required, shall be paid by a lump-sum appropriation to be made to the Post Office Department for that purpose, and the amount of such lump-sum appropriation shall be credited to the Post Office Department as postal revenue. Approved August 15, 1953. [PUBLIC LAW 288-83D CONGRESS] [CHAPTER 513-1ST SESSION] [H. R. 6441] An Act to amend certain provisions of title XI of the Merchant Marine Act, 1936, as amended, to facilitate private financing of new ship construction, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 1103 of the Merchant Marine Act, 1936, as amended (Ú. S. C., title 46, sec. 1273), is amended by inserting "(a)" after the section number; and by inserting after the word "provided" and before the words "any mortgage offered" the words "90 per centum of the unpaid balance of"; and by striking out the last sentence thereof, and inserting at the end of the section the following: "(b) The Secretary of Commerce is further authorized under such terms and conditions as he may prescribe not inconsistent with the provisions of this title, to insure against loss not to exceed 90 per centum of the unpaid balance of principal of loans and advances of credit made to finance the construction, reconstruction, or reconditioning of vessels with respect to which he is authorized to provide mortgage insurance under sections 1101 to 1109, inclusive: Provided, however, That the insurance authorized by this title may not be issued unless the Secretary of Commerce finds that the interest rate of the loan or mortgage to be insured is substantially less than the going interest rates generally charged for uninsured ship construction loans or ship mortgages of similar character and in the same area. "(c) The aggregate amount of insurance of principal obligations of all mortgages and loans under this title and outstanding at any one time shall not exceed $100,000,000." SEC. 2. Section 1104 (a) (2) and (8) of such Act, as amended (U. S. C., title 46, sec. 1274), is amended (1) by inserting in paragraph (2) after the words "financed by the loan or advance" the following "or, in the case of vessels constructed under title V of this Act, involve an obligation in a principal amount which does not exceed 75 per centum of the cost of the vessel (exclusive of construction-differential subsidy and cost of national-defense features),"; (2) by inserting in paragraph (8) after the words "new loan or advance made to aid in financing" the words "construction of vessels under title V of this Act, as amended, or"; (3) by amending clause (c) of paragraph (8) to read as follows: "in foreign trade". SEC. 3. Section 1105 of such Act, as amended (U. S. C., title 46, sec. 1275), is amended to read as follows: "SEC. 1105. (a) (1) In the event of the failure of the mortgagor to pay the principal or interest under an insured mortgage giving the mortgagee the right to foreclose, and failure on the part of the mortgagor to correct the default within thirty days, the mortgagee, provided an assignment of the mortgage and of the notes, bonds, or other evidences of indebtedness secured by the mortgage, and of all collateral held by the mortgagee securing such mortgage be tendered to the Secretary of Commerce at or before the expiration of forty-five days from the date of such default, shall thereupon have the right to demand payment of the insured portion of the unpaid balance of principal of said mortgage. If within a period of sixty days from date of such default, the Secretary of Commerce finds that there has been a failure to pay principal or interest under the mortgage or that such failure has not been corrected within the said thirty days, he shall accept the assignment and promptly pay to the mortgagee the insured amount of the unpaid balance of principal of the said mortgage. Upon acceptance of such assignment, the obligations of the mortgagee to pay the premium charges for insurance shall cease. "(2) In the event of the failure of the borrower to pay principal or interest due under an insured loan, the lender shall have the benefits of insurance against loss provided under section 1103 (b) of this title upon compliance with the terms and conditions of such insurance. "(b) Any amount required to be paid by the Secretary of Commerce pursuant to subsection (a) shall be paid out of the fund to the extent that funds are available therein at the time such payment becomes due, and to the extent such funds are not available, the Secretary of Commerce shall pay to the assignor of the insured mortgage any amount required to fully satisfy the claim, which amount is hereby authorized to be appropriated out of any money in the Treasury not otherwise appropriated. "(c) The Secretary of Commerce shall cause the mortgage to be foreclosed and shall repossess the mortgaged vessel forthwith, and take such other action against the mortgagor or any other parties liable under the mortgage or the collateral, that, in his discretion, may be required to protect the interests of the United States and the insured lender, as they may appear, and such suits may be brought in the name of the United States, or in the name of the insured lender or assignee, and such lender or assignee shall make available to the United States all records and evidence necessary to prosecute any such suit. The .Secretary of Commerce shall have the right in his discretion to accept a conveyance of title to and possession of the vessel from the mortgagor, and in the event of a sale under foreclosure proceedings, may purchase the vessel for an amount not greater than the insured portion of the unpaid balance of such mortgage or loan. In the event the Secretary of Commerce shall receive through the sale of the vessel or other collateral assigned to him an amount of cash in excess of the amount of any payment under section 1105 (a) (1) and the expenses of collection of such amount, he shall pay to the insured lender such cash amount, but not in excess of 10 per centum of the unpaid principal amount of such loan or mortgage, and unpaid interest to which the lender is entitled under the loan. "(d) Notwithstanding any other provision of law relating to the acquisition, handling or disposal of property by the United States, the Secretary of Commerce shall have the right in his discretion to complete, recondition, reconstruct, renovate, repair, maintain, operate, charter or sell any property acquired by him pursuant to the assignment as provided in this section and may place the mortgaged vessel in 38917-53- -27 the national defense reserve or may sell the same upon competitive bids for not less than the minimum sales price provided by the Merchant Marine Act, 1936, as amended. The buyer shall be required to make cash payment to the Secretary of Commerce of not less than 25 per centum of the sale price, and the balance shall be paid in equal annual installments over the remaining period of the expected useful life of such vessel. Interest at the rate of 32 per centum per annum shall be paid on all such installments of the purchase price remaining unpaid. The Secretary shall also have the power to pursue to final collection, by way of compromise or otherwise, all claims against mortgagors or persons liable under collateral assigned to the Secretary of Commerce as herein provided. "(e) Any contract or commitment of insurance entered into by the Secretary of Commerce under this title shall be final and conclusive and shall not be subject to avoidance by any officer, employee, or agent of the United States, except in case of fraud, duress, or mutual mistake of fact." Approved August 15, 1953. RECAPITULATION OF MISCELLANEOUS PRIVATE LAWS, 83D CONG., 2D SESS. (FROM JAN. 3 TO AUG. 3, 1953) II. PERMANENT AND INDEFINITE ANNUAL APPROPRIATIONS COMPILER'S NOTE.-The text and amounts of the permanent and indefinite appropriations are taken from the Budget for the fiscal year 1954 except as otherwise indicated as being revised. The sums under the indefinite appropriations are estimated and are subject to further revision as the fiscal year progress and better data become available. LEGISLATIVE Bequest of Gertrude M. Hubbard, Library of Congress, Interest Account: Library of Congress Trust Fund, Interest on Permanent Loan Account: This fund represents income from investments held by the Treasury for the Library of Congress Gift Fund: This fund represents gifts or bequests of money made to the Library of Congress for the immediate disbursement by the Librarian, in the interest of the Library, its collections, or its service for the purpose in each case specified (2 U. S. C. 160; 31 U. S. C. 7258) (trust account)‒‒‒‒‒‒ Cataloging Project, Copyright Office, Library of Congress: This fund represents money deposited with the Library of Congress to Unearned Proceeds of Sale, Etc., of Publications, Superintendent of Documents, The proceeds of sales of publications, etc., by the Superintendent of Docu- Total, Legislative: Trust accounts___. EXECUTIVE $800 98,745 13, 000 250,000 3,000 5, 900, 000 $6, 265, 545 INDEPENDENT OFFICES Advances Mutual Security Act, Executive: Advance payments are received from several nations for the transfer or procurement and transfer of military supplies, equipment, and services (66 Stat. 149) (trust account)__. AMERICAN BATTLE MONUMENTS COMMISSION Contributed Flower Fund, American Battle Monuments Commission: 340, 500,000 1,000 CIVIL SERVICE COMMISSION Civil Service Retirement and Disability Fund: The Act of May 22, 1920 (41 Stat. 614), as amended, authorized the establishment of the civil service retirement and disability fund and the deposit therein of deductions from the salaries of, and deposits for additional annuity by, employees and other members of the civil service retirement and disability fund and appropriated said fund for the payment of annuities, refunds, and allowances to such members. Said fund is supplemented annually by appropriation from the general fund of the Treasury (5 U. S. C. 700a) (trust account)__ Canal Zone Retirement and Disability Fund: The Act of March 2, 1931 (46 Stat. 1477), authorized the establishment of the Canal Zone retirement and disability fund and the deposit therein of deductions from the salaries of, and deposits for additional annuity by, employees of the Panama Canal and of the Panama Railroad Company on the Isthmus of Panama and other members of said fund, and appropriated said fund for the payment of annuities, refunds, and allowances to such employees. Said fund is supplemented annually by appropriation from the general fund of the Treasury (46 Stat. 1477) (trust account)__ Alaska Railroad Retirement and Disability Fund: The Act of June 20, 1936 (49 Stat. 2017), authorized the establishment of the Alaska Railroad retirement and disability fund and the deposit therein of deductions from the salaries of employees of the Alaska Railroad, and other members of said fund, and appropriated said fund for the payment of annuities, refunds, and allowances to such employees. Said fund is supplemented annually by appropriation from the general fund of the Treasury (49 Stat. 2021-2022) (trust account).. Total, Civil Service Commission: Trust accounts_. FEDERAL POWER COMMISSION Payments to States Under Federal Power Act: $679,817,000 This fund represents 371⁄2 per centum of a portion of the proceeds of certain licenses issued by the Federal Power Commission for the occupancy and use of National forest and public lands under the Federal Power Act (16 U. S. C. 810; act of June 10, 1920, as amended (special account)----Total, Federal Power Commission: General and special accounts__ GENERAL ACCOUNTING OFFICE $93,000 Proceeds From Estates of American Citizens Who Die Abroad: Total, General Accounting Office: Trust accounts_ $1,000 $679, 817, 000 93, 000 1,000 GENERAL SERVICES ADMINISTRATION Franklin D. Roosevelt Library: The joint resolution to provide for the establishment and maintenance of the Franklin D. Roosevelt Library (53 Stat. 1062-1066) establishes a Board to be known as the Trustees of the Franklin D. Roosevelt Library and authorizes it to accept gifts and bequests of personal property (sec. 205 (a) (c)). "The income from any trust funds held by the Board shall be deposited with the Treasurer of the United States, who shall enter it in a special account . . . subject to disbursement by the Archivist, except where otherwise restricted by the instrument of gift, in the purchase of equipment for the Franklin D. Roosevelt Library; in the preparation and publication of guides, inventories, calendars, and textual reproduction of material in the said Library; and in the purchase . . . of historical material for the said Library" (sec. 205 (d). Proceeds from the sale of publications and duplicate printed material and from fees collected from visitors are also paid into the special account and available for disbursement by the Archivist as provided above (53 Stat. 1062-1066, sec. 203, 205 (d), 207) (trust account)‒‒‒‒‒‒‒‒‒ National Archives Trust Fund: The Act of June 25, 1948, provides that certain fees collected by the Archivist shall be available for disbursement in the interest of the National Archives (44 U. S. C. 300h) (trust account)__ 45,000 14,000 |