Collapse to view only § 3781. Assets and liabilities of Panama Canal Company
- § 3781. Assets and liabilities of Panama Canal Company
- § 3782. Transfers and cross-servicing between agencies
- § 3783. Disposition of property of United States
- § 3784. Transfer of property to Republic of Panama
§ 3781. Assets and liabilities of Panama Canal Company
All property and other assets of the Panama Canal Company shall revert to the United States on October 1, 1979, and, except as otherwise provided by law, the United States shall assume the liabilities, including contractual obligations, of the Panama Canal Company then outstanding. The Commission may use such property, facilities, and records of the Panama Canal Company as are necessary to carry out its functions.
(Pub. L. 96–70, title I, § 1501, Sept. 27, 1979, 93 Stat. 487.)
§ 3782. Transfers and cross-servicing between agencies
(a) Transfers of facilities, buildings, structures, improvements, stocks and equipment located in the Republic of Panama
(b) Cross-servicing agreements
(c) Transfer of records to Government of Republic of Panama
(d) Applicability to Smithsonian Institution
(Pub. L. 96–70, title I, § 1502, Sept. 27, 1979, 93 Stat. 488.)
§ 3783. Disposition of property of United States
No property of the United States located in the Republic of Panama may be disposed of except pursuant to law enacted by the Congress.
(Pub. L. 96–70, title I, § 1503, Sept. 27, 1979, 93 Stat. 488.)
§ 3784. Transfer of property to Republic of Panama
(a) Conveyance of Panama Railroad
(1) On October 1, 1979, the Secretary of State may convey to the Republic of Panama the Panama Railroad and such property located in the area which, immediately before such date, comprised the Canal Zone and which is not within the land and water areas the use of which is made available to the United States pursuant to the Panama Canal Treaty of 1977 and related agreements.
(2) Property transferred pursuant to paragraph (1) of this subsection may not include buildings and other facilities, except housing, located outside such areas, the use of which is retained by the United States pursuant to the Panama Canal Treaty of 1977 and related agreements.
(b) Transfer of certain property pursuant to Panama Canal Treaty of 1977; report to Congress
With respect to the transfer of all other property (not described in subsection (a)(1) of this section) to be transferred in accordance with the terms of the Panama Canal Treaty of 1977 and related agreements, the Secretary of State may convey such property from time to time in accordance with the terms of such Treaty and related agreements. Before the transfer of any such property, the President must submit a written report to the Congress—
(1) precisely identifying and describing the particular property to be transferred;
(2) certifying the state of compliance by the Republic of Panama with such Treaty and related agreements; and
(3) setting forth the reasons for the conveyance being made at the particular time.
(c) Restriction on transfer of Panama Canal and certain other property
(Pub. L. 96–70, title I, § 1504, Sept. 27, 1979, 93 Stat. 488; Pub. L. 99–223, § 7, Dec. 28, 1985, 99 Stat. 1740.)