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U.S. Code as of:
01/19/04
Section 196. Emergency foreign vessel acquisition; purchase or requisition of vessels lying idle in United States waters
During any period in which vessels may be requisitioned under
section 1242 of title 46, Appendix, the President is authorized and
empowered through the Secretary of Transportation to purchase, or
to requisition, or for any part of such period to charter or
requisition the use of, or to take over the title to or possession
of, for such use or disposition as he shall direct, any merchant
vessel not owned by citizens of the United States which is lying
idle in waters within the jurisdiction of the United States and
which the President finds to be necessary to the national defense.
Just compensation shall be determined and made to the owner or
owners of any such vessel in accordance with the applicable
provisions of section 1242 of title 46, Appendix. Such compensation
hereunder, or advances on account thereof, shall be deposited with
the Treasurer of the United States in a separate deposit fund.
Payments for such compensation and also for payment of any valid
claim upon such vessel in accord with the provisions of the second
paragraph of subsection (d) of section 1242 of title 46, Appendix,
shall be made from such fund upon the certificate of the Secretary
of Transportation.
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