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(2) payments to the Treasury as dividends from and after 1904, not applied as offsets to direct capital contributions as described below; and less

(3) extraordinary expenditures or losses incurred through directives based on national policy and not related to the operations of the Panama Canal Company, not reimbursed through specific appropriations by the Congress, and not applied as offsets to direct capital contributions as described below.

The Panama Canal Company may not be required to pay interest to the Treasury on any part of its surplus, as above defined. Repayments to the Treasury as dividends shall be applicable as offsets against directly contributed capital, past or future, in determining the base for the interest payments required by subsection (e) of this section. Extraordinary expenditures and losses, as defined by paragraph (3) of this subsection, to the extent that they are not reimbursed through specific appropriations, shall be considered as repayments to the Treasury analogous to dividends and similarly applicable as offsets against directly contributed capital.

The net costs of operation of the Canal Zone Government, which are deemed to form an integral part of the costs of operation of the Panama Canal enterprise as a whole, shall not include interest but shall include depreciation and the reimbursement of other Government agencies for expenditures made on behalf of the Canal Zone Government. The payments into the Treasury, referred to in this subsection, shall be made annually to the extent earned, and if not earned shall be made from subsequent earnings unless the Congress otherwise directs.

(g) The Panama Canal Company is further obligated to pay into the Treasury as miscellaneous receipts amounts sufficient to reimburse the Treasury, as nearly as possible, for the:

(1) annuity payments under article XIV of the convention of November 18, 1903, between the United States of America and the Republic of Panama, as modified by article VII of the treaty of March 2, 1936, between those Governments; and

(2) net costs of operation of the agency known as the Canal Zone Government.

§ 63. Board of Directors; allowances; quorum; meetings

(a) A board of directors shall manage the affairs of the Panama Canal Company. The board shall consist of not less than nine nor more than thirteen members, including:

(1) the Governor, who shall serve as a director, ex officio; and (2) the stockholder, if he elects to serve as a director.

The stockholder shall appoint all other members of the board, and neither this chapter nor any other law prevents the appointment and service, as a director, of an officer or employee of the United States. Each director so appointed shall hold office at the pleasure of the stockholder, and, before entering upon his duties, shall take an oath faithfully to discharge the duties of his office.

(b) The directors may not be paid a salary for their services, but, under regulations and in amounts prescribed by the board of directors, with the approval of the stockholder, may be paid by the Company a reasonable per diem allowance in lieu of subsistence expenses in connection with attendance at meetings of the board or in connection with the time spent on special service of the Company, and their travel expenses to and from meetings or when on special service, without regard to the Travel Expense Act of 1949, as amended (5 U.S.C., sec. 835 et seq.), or the regulations promulgated by the Director of the Bureau of the Budget pursuant to section 7 of that Act (5 U.S.C., sec. 840).

(c) The directors, of whom a majority constitute a quorum for the transaction of business, shall hold meetings as provided by the bylaws of the Panama Canal Company.

§ 64. President of the Company

The Governor shall serve, ex officio, as president of the Panama Canal Company.

§ 65. General powers of Company

(a) The Panama Canal Company may:

(1) adopt, alter, and use a corporate seal, which shall be judicially noticed;

(2) adopt, amend, and repeal bylaws governing the conduct of its general business and the performance of the powers and duties granted to or imposed upon it by law;

(3) sue and be sued in its corporate name, but an attachment, garnishment, or similar process may not be issued against salaries or other moneys owed by the Company to its employees;

(4) enter into contracts, leases, agreements, or other transactions;

(5) determine the character of, and necessity for, its obligations and expenditures and the manner in which they shall be incurred, allowed, and paid, and incur, allow, and pay them, subject to pertinent provisions of law generally applicable to Government corporations; and

(6) purchase, lease, or otherwise acquire, and hold, own, maintain, work, develop, sell, lease, exchange, convey, mortgage, or otherwise dispose of, and deal in, lands, leaseholds, and any interest, estate, or rights in real, personal, or mixed property, and any franchises, concessions, rights, licenses, or privileges necessary or appropriate for any of the purposes expressed in this chapter. (b) The Panama Canal Company has the priority of the United States in the payment of debts out of bankrupt estates.

§ 66. Specific powers of Company

(a) Subject to the Government Corporation Control Act (31 U.S.C., sec. 841 et seq.), the Panama Canal Company may:

(1) maintain and operate the Panama Canal;

(2) construct, maintain, and operate a railroad across the Isthmus of Panama;

(3) construct or acquire, and operate, vessels for the transportation of passengers or freight, and for other purposes;

(4) construct or acquire, establish, maintain, and operate docks, wharves, piers, harbor terminal facilities, shops, yards, marine railways, salvage and towing facilities, fuel-handling facilities, motor-transportation facilities, power systems, water systems, a telephone system, construction facilities, living quarters and other buildings, guest houses, warehouses, storehouses, a printing plant, commissaries, and manufacturing, processing or service facilities in connection therewith, laundries, dairy facilities, restaurants, amusement and recreational facilities, and other business enterprises, facilities, and appurtenances necessary and appropriate for the accomplishment of the purposes of this chapter;

(5) make or furnish sales, services, equipment, supplies, and materials, as contemplated by this chapter, to:

(A) vessels;

(B) agencies of the Government of the United States;

(C) employees of the Government of the United States; and

(D) any other governments, agencies, persons, corporations, or associations eligible to make or receive such purchases, services, supplies, or materials under the laws prevailing at the time and the policies heretofore or hereafter adopted consistently with those laws;

(6) use the United States mails in the same manner and under the same conditions as the executive departments of the Federal Government; and

(7) take such actions as are necessary or appropriate to carry out the powers specifically conferred upon it.

(b) Subject to subsection (c) of this section, the Company may not undertake any new types of activities not included in the annual budget program prescribed by section 102 of the Government Corporation Control Act (31 U.S.C., sec. 847), except those which may be transferred to it pursuant to section 62(c) (2) of this title.

(c) If, during a period when the Congress is not in session, the board of directors, or the president of the Company, with the concurrence of as many of the directors as may be consulted without loss of time unreasonable in the circumstances, declares an emergency to exist, the Company may undertake recommended appropriate action within the scope of this chapter, without regard to the restriction imposed by subsection (b) of this section. A report on the emergency activity shall be presented promptly to the Congress, when it reconvenes, for its approval and such action as it may deem necessary or desirable with respect to reimbursement through supplemental appropriation of funds to cover costs or losses arising from the emergency.

§ 67. Subjection to treaties and laws applicable to Panama Railroad Company

As far as consistent with this chapter, the Panama Canal Company is subject to all treaties and Acts of the Congress relating or applying to the Panama Railroad Company, as long as they remain in force; and has all the rights, privileges, and exemptions, and is subject to all the obligations, liabilities, and responsibilities, applicable to the Panama Railroad Company under or by virtue of those treaties or Acts. § 68. Rights in assets taken over upon dissolution of Panama Railroad Company; liabilities

(a) The Panama Canal Company shall possess all the right, title, and interest in and to the assets taken over, as of July 1, 1948, from the Panama Railroad Company, since dissolved, which the United States then possessed or, by virtue of the convention of November 18, 1903, between the United States and the Republic of Panama, thereafter acquired or may hereafter acquire, and which, pursuant to law, were released and transferred, as of July 1, 1948, to the Company.

(b) Subsection (a) of this section does not apply to any right, title, or interest transferred or conveyed to the Republic of Panama after July 1, 1948, under applicable provisions of law or of any convention or treaty.

(c) The Company is responsible for the payment and discharge of all remaining liabilities of the Panama Railroad Company, which, as authorized by law, the Company assumed as of July 1, 1948.

§ 69. Reimbursement of other agencies

The Panama Canal Company shall reimburse the Employees' Compensation Fund, Bureau of Employees' Compensation, Department of Labor, for the benefit payments made to the Company's employees, and shall also reimburse other Government agencies for payments of a similar nature made on its behalf.

§ 70. Payment of excess funds into Treasury

The board of directors shall appraise, at least annually, its necessary working capital requirements, together with reasonable foreseeable requirements for authorized plant replacement and expansion and pay into the Treasury as dividends the amount of funds in excess thereof. The dividends shall be treated by the Treasury as miscellaneous receipts, but shall be treated on the books of the Company as applicable to reduction of past or future direct Government capital contributions (as provided by section 62(f) of this title) in determining the base for interest payments required by section 62(e) of this title.

§ 71. Borrowing from Treasury

The Panama Canal Company may borrow from the Treasury, for any of the purposes of the Company, not more than $10,000,000 outstanding at any time. For this purpose, the Company may issue to the Secretary of the Treasury its notes, or other obligations, which shall have maturities agreed upon by the Company and the Secretary of the Treasury, but shall be redeemable at the option of the Company before maturity in such manner as may be stipulated in the obligations. Each obligation shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average rate on current marketable obligations of the United States of comparable maturities as of the last day of the month preceding the issuance of the obligation of the Company. The Secretary of the Treasury shall purchase obligations of the Company to be issued under this section, and for such purpose the Secretary of the Treasury may use as a public-debt transaction the proceeds from the sale of any securities issued pursuant to the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued pursuant to the Second Liberty Bond Act, as amended, are extended to include any purchases of the Company's obligations pursuant to this section. § 72. Appropriations to cover losses

Appropriations are authorized for payment to the Panama Canal Company of such amounts as may be shown in its annual budget program as necessary to cover losses sustained in the conduct of its activities. Amounts appropriated to the Company under authority of this section may not be added to the amount of the receipt referred to in subsections (a) and (c) of section 62 of this title, and may not require payment of interest pursuant to section 62(e) of this title. Repayments by the Company to the Treasury may not, in any case, be treated as dividends pursuant to section 62(f) and section 70 of this title, until all amounts appropriated to the Company under the authority of this section are repaid to the Treasury.

§ 73. Transfer of Canal and facilities to Company

The transfer to the Company, made by the President under authority of law, of:

(1) the Panama Canal, together with the facilities and appurtenances related thereto;

(2) the facilities and appurtenances maintained and operated, prior to the transfer, by the Panama Canal under authority of section 51 of Title 2 of the Canal Zone Code of 1934, as amended by section 2 of the Act of August 12, 1949, chapter 422, 63 Stat. 601 (since repealed); and

(3) personnel, property, records, related assets, contracts, obligations, and liabilities of or appertaining to the Canal and such facilities or appurtenances

shall be deemed to have been accepted and assumed by the Company without the necessity of any act on the part of the Company except as otherwise stipulated by section 62 of this title.

§ 74. Insurance coverage

The Panama Canal Company may not carry insurance to cover marine or fire losses.

This section does not apply to the matter, governed by the Act of July 8, 1937 (50 Stat. 480; 5 U.S.C., sec. 134c), of insurance against loss, destruction, or damage in the shipment of valuables.

§ 75. Amendment or repeal

The right to amend or repeal sections 61-73 of this title is expressly reserved.

CHAPTER 7-EMPLOYEES OF GOVERNMENT AGENCIES

Sec.

SUBCHAPTER I-CANAL ZONE GOVERNMENT EMPLOYEES

101. Appointment and compensation of Government employees.
102. Exemption of teachers with respect to dual offices and double salaries.
103. Deduction from compensation of amounts due for supplies or services.
SUBCHAPTER II-PANAMA CANAL COMPANY EMPLOYEES

121. Appointment and compensation; duties; delegation of powers; bonds.
122. Deduction from compensation of amounts due for supplies or services.
123. Hours of work for telegraph operators and train dispatchers.

SUBCHAPTER III-WAGE AND EMPLOYMENT PRACTICES

141. Definitions.

142. General rules governing wage and employment practices. 143. Employment standards.

144. Compensation.

145. Uniform application of standards and rates.

146. Additional allowance and differential.

147. Security positions.

148. Benefits based on compensation.

149. Canal Zone Merit System.

150. Salary protection upon conversion of compensation base.

151. Review and adjustment of classifications, grades, and pay levels; by depart

ment.

152. Same; Board of Appeals; duties.

153. Same; appeals to Board; procedure; finality of decisions.

154. Participation in training programs.

155. Administration by President; regulations; delegation of authority.

156. Applicability of other laws.

SUBCHAPTER IV-RETIREMENT AND OTHER BENEFITS

181. Cash relief to certain former employees; applicability of Civil Service Retirement Act to certain employees.

182. Appliances for employees injured prior to September 7, 1916.

SUBCHAPTER V-MISCELLANEOUS

201. Compensation of persons in military, naval, or Public Health Service who serve Canal Zone Government or Panama Canal Company.

Subchapter I-Canal Zone Government Employees

§ 101. Appointment and compensation of Government employees (a) Except as otherwise provided by law, and subject to the supervision provided by section 31 of this title, the Governor shall:

(1) appoint all officers and employees of the Canal Zone Government; and

(2) prescribe the compensation of officers and employees of the Canal Zone Government, and establish their conditions of employment, including matters relating to transportation, medical care, leave, office hours, and hours of labor.

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