Page:United States Statutes at Large Volume 76A.djvu/106

–10– -10(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, m 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 X IV 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. 836 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).

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