Codification
Section 1878zz–4, [Pub. L. 92–270, § 1], Apr. 6, 1972, [86 Stat. 118], authorized loan of additional naval vessels, with or without reimbursement, and subject to appropriate terms and conditions, as follows: five destroyers and two submarines, Spanish Government; one destroyer and two submarines, Turkish Government; two destroyers, Greek Government; two destroyers, Republic of Korea; and two submarines, Italian Government; provided for the charging of activation, rehabilitation, and outfitting expenses to funds programed for recipient government as grant military assistance under provisions of Foreign Assistance Act of 1961, or successor legislation, or to funds provided by recipient government; and prescribed Dec. 31, 1974, as termination date for executive exercise of naval vessel loan authority under this section.
Section 1878zz–5, [Pub. L. 92–270, § 2], Apr. 6, 1972, [86 Stat. 118], limited loan of ships to five-year period, required designation by Secretary of Defense of place of return, and made loans terminable for acts of warfare by armed forces of borrowing country against a country party to a mutual defense treaty ratified by United States and earlier where no longer contributory to defense requirements of United States.
Section 1878zz–6, [Pub. L. 92–270, § 3], Apr. 6, 1972, [86 Stat. 118], required Secretary of Defense to determine loans to be in best interest of United States and to report loans and loan extensions to Congress.
Section 1878zz–7, [Pub. L. 92–270, § 4], Apr. 6, 1972, [86 Stat. 118], authorized promulgation of rules and regulations.
Section 1878zz–8, [Pub. L. 92–270, § 5], Apr. 6, 1972, [86 Stat. 118], prohibited construction of a loan as a commitment to defense of borrowing country.
