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HEADLINES

In the event that any provision of section 12102(c) or section 311322(a) of title 46, United States Code, as amended by this Act, is determined to be inconsistent with an existing international agreement relating to foreign investment to which the United States is a party with respect to the owner or mortgagee of a vessel with a fishery endorsement, such provision shall not apply to that owner or mortgagee with respect to their ownership or mortgage interest in such vessel on that date to the extent of any such inconsistency.

The provision of section 12102(c) and section 31322(a) of title 46, United States Code, as amended by this Act, shall apply to all subsequent owners and mortgagees of such vessels, and shall apply, notwithstanding the preceding sentence, to the owner on such vessel if any ownership interest in that owner is transferred to or otherwise acquired by a foreign ownership in the vessel is increased after the effective date of this subsection.