Page:United States Statutes at Large Volume 76A.djvu/109

–13– -13§ 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 obligatiohs 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 Jiond 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 ^e--Cc«apany 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—

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