16 U.S.C. § 816 : US Code - Section 816: Preservation of rights vested prior to June 10, 1920

Search 16 U.S.C. § 816 : US Code - Section 816: Preservation of rights vested prior to June 10, 1920

The provisions of this subchapter shall not be construed as
affecting any permit or valid existing right-of-way granted prior
to June 10, 1920, or as confirming or otherwise affecting any
claim, or as affecting any authority heretofore given pursuant to
law, but any person, association, corporation, State, or
municipality holding or possessing such permit, right-of-way or
authority may apply for a license under this chapter, and upon such
application the Commission may issue to any such applicant a
license in accordance with the provisions of this subchapter and in
such case the provisions of this chapter shall apply to such
applicant as a licensee under this chapter: Provided, That when
application is made for a license under this section for a project
or projects already constructed the fair value of said project or
projects determined as provided in this section, shall for the
purposes of this subchapter and of said license be deemed to be the
amount to be allowed as the net investment of the applicant in such
project or projects as of the date of such license, or as of the
date of such determination, if license has not been issued. Such
fair value shall be determined by the Commission after notice and
opportunity for hearing.