Per vessel

(5) Sale or transfer of stock in a

corporation organized under the laws of the United States, or of any State, Territory, District, or Possession thereof, and which owns any vessel, shipyard, drydock, or shipbuilding or ship-repairing plant or facilities, if by such sale or transfer the controlling interest or a majority of the voting power of said corporation is vested in, or for the benefit of, any person not a citizen of the United States-- $25.00 (6) Departure of a vessel from the United States if built in the United States and never cleared for a foreign port, and if no transfer to foreign ownership or registry involved____

25.00

(c) Application for modification of any approval granted by paragraphs (a) and (b) of this section, the user charge will be the same as if it were an original approval.

(d) All fees set forth in this section will be retained to recover the cost of processing the applications.

(e) Applications for the approvals required pursuant to the above statutes or contracts as set forth in this section should be filed with the Foreign Transfer Branch, Office of Ship Operations, Maritime Administration, Washington, D.C., 20235, on forms which may be obtained from said Branch.

[G.O. 94, Rev., 30 F.R. 7490, June 8, 1965] § 221.15

Fee for processing applications for approval of surrender of marine documents of vessels under sec. 30, subsection 0(a), Merchant Marine Act, 1920, as amended.

An application for approval of the surrender of the marine documents of a vessel shall be accompanied by the sum of $15.00, which sum will be retained to recover the cost of processing the application. Such application should be made to the Foreign Transfer Branch.

Office of Ship Operations, Maritime Administration, Washington, D.C., 20235, on forms which may be obtained from said Branch.

[G.O. 94, 27 F.R. 1169, Feb. 8, 1962]

§ 221.16 Fee for processing applications to transfer vessels, subject to mortgage outstanding in favor of the United States of America.

to

(a) Application for permission transfer title to a vessel, subject to a mortgage in favor of the United States of America pursuant to the provisions of the 1936 Act and related Acts, or special legislation, and to have the mortgage assumed by a new mortgagor, may be made by the mortgagor joined by the proposed transferee, to the Secretary, Maritime Administration, Washington, D.C., 20235.

(b) Fee: Such application shall be accompanied by the sum of $400, which sum will be retained to recover the cost of processing the application. [G.O. 94, 27 F.R. 1169, Feb. 8, 1962] APPROVAL OF TRUSTEES UNDER PUBLIC LAW 89-346 Purpose.

§ 221.21

The purpose of §§ 221.21-221.30 is to provide for the approval and disapproval by the Secretary of Commerce of banks and trust companies as trustees under Public Law 89-346 (amending secs. 9 and 37 of the Shipping Act, 1916, and subsec. 0 of the Ship Mortgage Act, 1920, and providing a procedure for assuring the validity of certain bonds, notes and other evidence of indebtedness, including the issuance, transfer and assignment thereof, and the validity and preferred status of certain mortgages of vessels). The functions of the Secretary of Commerce under Public Law 89-346 have been delegated to the Maritime Administrator pursuant to § 3.03 of Department Order 117 (Revised) (27 F.R. 3637, April 27, 1962).

[G.O. 107, 31 F.R. 4408, Mar. 15, 1966] § 221.22

Definitions.

As used in §§ 221.21 to 221.30, including the forms referred to in § 221.30, the term "vessel" means a vessel the transfer of which to a person not a citizen of the United States is prohibited by sections 9 or 37 of the Shipping Act, 1916, as amended, and for the purpose of section 9 also means a vessel under construction for documentation under the laws of the United States and owned in whole or in

part by a citizen of the United States; the term "shipyard, drydock, or shipbuilding or ship-repairing plant or facilities" means those the transfer of which to a person not a citizen of the United States is prohibited by section 37 of the Shipping Act, 1916, as amended; and the term "Vessel or Shipyard Financing Trust" means each trust under which a bank or trust company acts as trustee in connection with a bond, note or other evidence of indebtedness which is secured by a mortgage of a vessel to the trustee or by an assignment to the trustee of the owner's right, title or interest in a vessel under construction, or by a mortgage to the trustee on a shipyard, drydock, or ship-building or ship-repairing plant or facilities (irrespective of the number of such bonds, notes or other evidence of indebtedness, mortgages or assignments, vessels, or shipyards, drydocks, or ship-building or ship-repairing plants or facilities involved in the particular Vessel or Shipyard Financing Trust).

[G.O. 107, 31 F.R. 4408, Mar. 15, 1966]

(a) Any qualified bank or trust company acting or proposing to act as trustee under a Vessel or Shipyard Financing Trust may apply for approval as trustee pursuant to Public Law 89346 and §§ 221.21 to 221.30.

(b) Applications may be made at any time after the effective date of §§ 221.21 to 221.30. Applications shall be submitted to the Secretary, Maritime Administration, Washington, D.C., 20235.

(c) Applications shall be made in triplicate on the form of Application for Approval as Trustee set forth in § 221.30 with only such changes therein as may be approved by the Maritime Administrator. Each copy of the application shall be completed by the insertion of appropriate and full information as indicated on the form; shall be executed by a duly authorized official of the applicant; and shall be accompanied by an affidavit of citizenship and the most recent published report of condition of the applicant, unless (with the concurrence of the Maritime Administrator) reference is made to an affidavit or report previously filed. The form of affidavit of citizenship to be used in connection with applications is that prescribed in 32A CFR AGE-2 with only such changes therein as may be approved by the Maritime Administrator.

(d) A single application will suffice for requesting approval of a single bank or trust company as trustee under all Vessel or Shipyard Financing Trusts under which the bank or trust company is then or may thereafter be acting as trustee.

(e) If upon a merger, consolidation or other organizational change the bank or trust company approved as trustee ceases to be the continuing entity, a new application for the continuing entity will be required if it has not already been approved as trustee.

[G.O. 107, 31 F.R. 4408, Mar. 15, 1966] § 221.24 Agreements of applicants.

Each applicant shall be bound by the agreements contained in its application, which agreements shall survive the approval of the applicant as trustee. [G.O. 107, 31 F.R. 4408, Mar. 15, 1966] § 221.25 Approval of applicants.

(a) Applicants meeting the standards for trustees specified in Public Law 89346 will be eligible for approval as trustees. National banks, although designated national banking associations, will be eligible for approval as corporations organized and doing business under the laws of the United States. The Maritime Administrator, or his duly authorized representative, will indicate the approval of the Secretary of Commerce of an applicant as trustee by signing the Secretary's Approval appearing at the end of the application form and returning a duplicate signed copy to the applicant, but no approval shall be construed to alter retroactively any rights which were the subject matter of litigation pending on the date of enactment of Public Law 89-346.

(b) Upon approval, a Notice of Approval of Applicant as Trustee will be published. Upon receipt of notice of a change of name of an approved trustee (not requiring the filing of a new application pursuant to § 221.23) a Notice of Change of Name of Approved Trustee will be published.

[G.O. 107, 31 F.R. 4408, Mar. 15, 1966]

§ 221.26 Roster of approved trustees.

Upon approval, each applicant will be placed on a Roster of Approved Trustees to be maintained by the Maritime Administrator according to trustee's name, address, and date of approval. Upon receipt of notice of a change of name or address of an approved trustee (not requiring the filing of a new application

(Form MA-579, Mar. 8, 1966)

DEPARTMENT OF COMMERCE, MARITIME ADMINISTRATION

APPLICATION FOR APPROVAL AS TRUSTEE

The undersigned (the "Trustee") hereby applies for approval as trustee pursuant to Public Law 89-346 and the regulation prescribed by the Secretary of Commerce, acting by and through the Maritime Administrator (the "Secretary"), to implement the provisions of Public Law 89-346 (46 CFR 221.21-221.30; the "Regulation").

In support of this application the Trustee certifies to and agrees with the Secretary as hereinafter set forth.

The Trustee certifies:

(a) That it is acting or proposing to act as trustee under a Vessel or Shipyard Financing Trust (as defined in the Regulation);

(b) That the attached List of Vessel or Shipyard Financing Trusts is a true and correct list of the Vessel or Shipyard Financing Trusts under which the Trustee is acting or proposing to act as trustee; and

(c) That the Trustee is a bank or trust company which

(1) Is organized as a corporation, and is doing business, under the laws of the United States (---‒‒‒‒‒‒) or of the State

of

(Check, if applicable)

The Trustee agrees: (a) That it will once each year, within 30 days after its annual meeting of stockholders, so long as it shall continue to be on the Roster of Approved Trustees referred to in the Regulation, file with the Secretary, Maritime Administration, a Trustee's Annual Supplemental Certification in the form prescribed by the Regulation, with only such changes therein as may be approved by the Maritime Administrator;

(b) That it will, so long as it shall continue to be on the Roster of Approved Trustees referred to in the Regulation:

(1) Forthwith as it gains knowledge of such fact, notify the Secretary, Maritime Administration, in writing if it shall cease to be a bank or trust company which (i) is organized as a corporation, and is doing business, under the laws as aforesaid, (ii) is authorized under such laws to exercise corporate trust powers, (iii) is a citizen of the United States as aforesaid, (iv) is subject to supervision or examination by Federal or State authority as aforesaid, and (v) has a combined capital and surplus (as set forth in its most recent published report of condition) of at least $3,000,000;

(2) Notify the Secretary, Maritime Administration, in writing of all deletions from and additions to the List of Vessel or Shipyard Financing Trusts (executed) under which it is acting as trustee as such changes

occur;

(3) Notify the Secretary, Maritime Administration, in writing of any changes in its name or address, as such changes occur;

(4) Furnish to the Secretary such further relevant and material information concerning its qualifications as trustee under Public Law 89-346 and concerning the Vessel or Shipyard Financing Trusts under which it is acting or proposing to act as trustee, as the Secretary may from time to time request; and

(5) Permit the representatives of the Maritime Administrator, upon request, to examine its books and records relating to the matters referred to herein.

This Application is made in order to induce the Secretary to grant his approval of the undersigned as trustee pursuant to Public Law 89-346 and the Regulation, and may be relied on by the Secretary for such purpose.

Dated this

19--.

day of

(Name)

been filed with the Secretary.

(Title)

66-102-67- -5

certifications true and correct as of the date hereof)

(b) That the Trustee's affidavit of citizenship attached or referred to in our aforesaid Application for Approval as Trustee as heretofore supplemented and amended (1) ------) is true and correct as

(Check, if applicable)

of the date hereof, (----

(Check, if applicable) except for changes reflected in the attached updating affidavit dated the date hereof; or (2) (---------) is superseded by (Check, if applicable)

the attached affidavit of citizenship dated the date hereof; and

--) is

(c) That the most recent published annual report of condition of the Trustee dated (1) (-----. (Check, if applicable) attached, or (2) (----. --) has (Check, if applicable) heretofore been filed with the Secretary. As agreed in our aforesaid Application for Approval as Trustee, we have notified you of all deletions from and additions to the List of Vessel or Shipyard Financing Trusts (Executed) under which we are acting as trustee.

This Certification is made in order to induce the Secretary to continue his approval of the undersigned as trustee pursuant to Public Law 89-346 and the Regulation, and may be relied on by the Secretary for such purpose.

Dated this

day of

(Names of trustee)

(Form MA-580, Mar. 8, 1966)

DEPARTMENT OF COMMERCE

MARITIME ADMINISTRATION

TRUSTEE'S ANNUAL SUPPLEMENTAL
CERTIFICATION

Pursuant to the regulation prescribed by the Secretary of Commerce, acting by and through the Maritime Administrator (the "Secretary"), to implement the provisions of Public Law 89-346 (46 CFR 221.21-221.30; the "Regulation"), and to our Application for Approval as Trustee dated

the undersigned (the "Trustee") hereby certifies to the Secretary:

(a) That the certifications made in (c) (1), (2), (3), (4), and (5) of our aforesaid Application for Approval as Trustee as heretofore supplemented and amended (1) (---. --) are true and correct as

(Check, if applicable)

of the date hereof; or (2) (-.

(Check, if applicable) are true and correct as of the date hereof, except for

(Insert any change required to make such

I. TRANSFER OF U.S. PRIVATELY OWNED VESSELS TO FOREIGN REGISTRY OR OWNERSHIP OR BOTH Each application for the transfer to foreign registry or ownership or both of any vessel of 3,000 gross tons and over will be evaluated on its individual merits with consideration being given to the following:

(1) The type, size, speed, general condition, and age of the vessel;

(2) The acceptability of the foreign buyer and country of registry; and

(3) The need to retain the vessel under U.S. flag or ownership for the purposes of