Page:United States Statutes at Large Volume 48 Part 1.djvu/961

 73d C ONGRESS. SESS. II. CH. 466. JUNE 12, 1934 . 935 twenty days, and a, notice thereof shall be published at least once a n ewspa per in daily week for two consecutive weeks in some daily newspaper of general circulation published in the cities that are the termini for the route before the time of the opening of bids. SeC. 5 . After the bids are opened, the Postmaster General may su ccessful bi dder grant to a successful bidder a period of not more than thirty days oqU lifyo~cea 3o days from the date of award of the contract to take the steps necessary to qualify for mail services under the terms of this Act : Provided, Provisos . That, at the time of the award, the successful bidder executes an Surety bond adequate bond with sufficient surety guaranteeing and assuring that, within such pe riod, said bi dder will ful ly qualify und er the Act faithfully to execute and to carry out the terms of the contract : Pro- toQufeiture, if failing vided further, That, if there is a failure so to qualify, the amount designated in the bond will be forfeited and paid to the United Sta tes of Americ a. SEC. 6 . (a) The Interstate Commerce Commission is hereby tcrstx eg rates i e mpow ered and dir ecte d, a fter not ice and hear ing, to fix and dete r- commission. mine by order, as soon as practicable and from time to time, the fair and reasonable rates of compensation for the transportation of air mail by airplane and the service connected therewith over each air- mail route, but not in excess of the rates provided for in this Act, prescribing the method or methods by weight or space, or both, or otherwise, for ascertaining such rates of compensation, and to pub- lish the same, which shall continue in force until changed by the said Commission aft er due notice and hearing. (b) The Interstate Commerce Commission is hereby directed, at rk Pe rio dic review of least once in every calendar year from the date of letting of any con- tract, to review the rates of compensation being paid to the holder of such contract, in order to be assured that no unreasonable profit is res ulting or acc ruing therefr om. In de term ini ng w hat may con - stitute an unreasonable profit, the said Commission shall take into consideration all forms of gross income derived from the operation of airplanes over the route affected. (c) Any contract which may hereafter be let or extended pursuant Indef inite ext ensio ns if contracts satisfac- to the provisions of this Act, and which has been satisfactorily per- torily performed. formed by the contractor during its initial or extended period, shall thereafter be continued in effect for an indefinite period, subject to any reduction in the rate of payment therefor, and such additional conditions and terms, as the said Commission may prescribe, which shall be consistent with the requirements of this Act ; but any con- Termination,upon6o tract so continued in effect may be terminated by the said Commis- da y s' notice. lion upon sixty days' notice, upon such hearing and notice thereof to interested par ties as the C ommission may determine to be reason- ab le ; and may also be termi nated by the contractor at its option upon sixty days' notice. On the termination of any air-mail con- tract, in accordance with any of the provisions of this Act, the Post- master General may let a new contract for air-mail service over the route affected, as authorized in this Act. (d) All provisions of section 5 of the Act of July 28, 1916 (39 Stat . et Pay readjust ments, 412 ; U .S .C ., title 39, sees . 523 to 568, inclusive), relating to the admin- vol. 3s, p. 425. istrative methods and procedure for the adjustment of rates for car- U.S.C., p.1267. riage of mail by railroads shall be applicable to the ascertainment of rates for the transportation of air mail by airplane under this Act so far as consistent with the provisions of this Act. For the pur- Authority of C om- mission to examine rec- poses of this section the said Commission shall also have the same ords and accounts. powers as the Postmaster Ge neral is auth orized to exer cise under section 10 of this Act with respect to the keeping, examination, and auditing of books, records, and accounts of air-mail contractors, and it is authorized to employ special agents or examiners to conduct