§1112. Operation of property by Secretary

Notwithstanding any other provision of law, the Secretary of Transportation may, in accordance with good business methods and on such terms and conditions as he determines to effectuate the policy of this chapter, operate or lease any lands, docks, wharves, piers, or real property under his control, and all money received from such operation or lease shall be available for expenditure by the Secretary of Transportation as provided in this chapter. The Secretary of Transportation may, upon such terms and conditions as he may prescribe in accordance with sound business practice, make such extensions and accept such renewals of the notes and other evidences of indebtedness hereby transferred, and of the mortgages and other contracts securing the same, as he may deem necessary to carry out the objects of this chapter.

(June 29, 1936, ch. 858, title II, §202, 49 Stat. 1986 ; Aug. 26, 1937, ch. 822, §1, 50 Stat. 839 ; June 23, 1938, ch. 600, §1, 52 Stat. 953 ; Pub. L. 97–31, §12(60), Aug. 6, 1981, 95 Stat. 158 .)

Amendments

1981-Pub. L. 97–31 substituted "Secretary of Transportation" for "Commission", wherever appearing, "he" for "it", and "his" for "its", and struck out provision relating to transfer of money, etc., to the United States Maritime Commission. For prior transfers of functions of the Commission, meaning the United States Maritime Commission, see Transfer of Functions note below.

1938-Act June 23, 1938, permitted extensions and renewals of notes, other evidences of indebtedness, and mortgages.

1937-Act Aug. 26, 1937, permitted the operation or leasing of lands, docks, wharves, piers or real property.

Transfer of Functions

For transfer of functions of United States Maritime Commission, see Reorg. Plan No. 6 of 1949, Reorg. Plan No. 21 of 1950, and Reorg. Plan No. 7 of 1961, set out under section 1111 of this Appendix.

Section Referred to in Other Sections

This section is referred to in section 1158 of this Appendix.