Section 7
SEC. 7. The National Shipyards and Steel Corporation is authorized and empowered to bid for and purchase at any foreclosure or the sale, or otherwise to acquire the vessel or watercraft, including all other equipment, certificate or authorization for the operation of such vessel, pledged or mortgaged to secure any construction expenses made pursuant to this Act, to accept title to any vessel or watercraft including all its property and equipment, certificate or authorization and to sell such vessel or watercraft and all its property, certificate or authorization for its operation, so acquired, upon such terms and for such consideration as the National Shipyards and Steel Corporation shall determine to be reasonable.