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PUBLIC LAW 86-200-AUG. 25, 1969

[78

STAT.

Public Law 86-200 August 25, 1959 [H. R. 4328]

AN ACT ^^ To amend provisions of the Canal Zone Code relative to the handling of the excess funds of the Panama Canal Company, and for other purposes.

r HI!am aa Canal ^^ ^^ enocted by the Senate and the House of Representatives of the. P a n am ^.anai Excess fund United States of America in Congress assembled, That the fund of $10,000,000 now maintained by the Panama Canal Company in the Treasury pursuant to section 254 of title 2 of the Canal Zone Code, as added by the Act of June 29, 1948 (ch. 706, 62 Stat. 1076), shall, as of the date of enactment of this Act, be deemed to have been paid into the Treasury as a dividend of said corporation. 62 Stat 1076 ^^^' ^' ^^^^^^n 254 of title 2 of the Canal Zone Code, as added by the Act of June 29, 1948, is amended to read as follows: "SEC. 254. BORROWING FROM TREASURY.—The corporation may borrow from the Treasury, for any of the purposes of the corporation, sums of money not to exceed a total of $10,000,000 outstanding at any time. For this purpose the corporation may issue to the Secretary of the Treasury its notes, or other obligations, which shall have maturities agreed upon by the corporation and the Secretary of the Treasury, but shall be redeemable at the option of the corporation before maturity in such manner as may be stipulated in such obligations. Each such 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 corporation. The Secretary of the Treasury is authorized and directed to purchase.any obligations of the corporation to be issued hereunder, and for such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the ~ proceeds from the sale of any securities issued under the Second Libsi us^c' 7^74%). ®^^y Bond Act, as amended, and the purposes for which securities may be issued under the Second Liberty Bond Act, as amended, are extended to include any purchases of the corporation's obligations hereunder." Approved August 25, 1959. Public Law 86-201 «,« August 25, 1959 [H. R. 8527]

AN ACT To exempt certain pension and other employee trusts from the laws of the District of Columbia relating to perpetuities, restraints on alienation, and accumulation of income.

Be it enacted by the Senate and House of Representatives of the ?*^^l'i'.ft"/„^f r United States of America in Congress assembled, That any pension, and e mp 1 o y e e profit-sharing, stock bonus, annuity, disability, death benefit, or other employee trusts heretofore or hereafter established by employers for the purpose of distributing the income or the principal thereof, or the principal and income thereof to some or all of their employees, or the beneficiaries of such employees, shall not be invalid as violating any laws of the District of Columbia against perpetuities, against restraints on the power of alienation of title to property, or against accumulation of income, but such trusts may continue for such period of time as may be required by the provisions thereof to accomplish the purposes for which they are established. Approved August 25, 1959,

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