Page:United States Statutes at Large Volume 76A.djvu/123

–27– -27CHAPTER 17—TOLLS FOR USE OF CANAL Sec.

411. Prescription of measurement rules and tolls. 412. Bases of tolls.

§ 411. Prescription of measurement rules and tolls The Panama Canal Company may prescribe, and from time to time change: (1) the rules for the measurement of vessels for the Panama Canal; and (2) subject to section 412 of this title, the tolls that shall be levied for the use of the Canal. The rules of measurement and the tolls prevailing on January 2, 1963, shall continue in effect until changed as provided in this section. The Company shall give six months' notice, by publication in the Federal Register, of proposed changes in basic rules of measurement and of changes in rates of tolls, during which period a public hearing shall be conducted. Changes in basic rules of measurement and changes in rates of tolls shall be subject to, and shall take effect upon, the approval of the President of the United States, whose action in such matters shall be final. § 412. Bases of tolls (a) Tolls on merchant vessels, army and navy transports, colliers, tankers, hospital ships, supply ships, and yachts shall be based on net vessel-tons of one hundred cubic feet each of actual earning capacity determined in accordance with the rules for the measurement of vessels for the Panama Canal, and tolls on other floating craft shall be based on displacement tonnage. The tolls on vessels in ballast without passengers or cargo may be less than the tolls for vessels with passengers or cargo. (b) Tolls shall be prescribed at rates calculated to cover, as nearly as practicable, all costs of maintaining and operating the Panama Canal, together with the facilities and appurtenances related thereto, including niterest and depreciation, and an appropriate share of the net costs of operation of the agency known as the Canal Zone Government. In the determination of the appropriate share, substantial weight shall be given to the ratio of the estimated gross revenues from tolls to the estimated total gross revenues of the Panama Canal Company exclusive of the cost of commodities resold, and exclusive of revenues arising from transactions within the Company or from transactions with the Canal Zone Government. (c) The President of the United States may require vessels operated by the United States, including warships, naval tenders, colliers, tankers, transports, hospital ships, and other vessels owned or chartered by the United States for transporting troops or supplies, and ocean-going training ships owned by the United States and operated by State nautical schools, to pay tolls. If, however, they are not required to pay tolls, the tolls thereon shall nevertheless be computed and the amounts thereof shall be treated as revenues of the Panama Canal Company for the purpose of prescribing the rates of tolls, and shall be offset against the obligations of the Company under subsections (e) and (g) of section 62 of this title. (d) The levy of tolls is subject to the provisions of section 1 of article III of the treaty between the United States of America and Great Britain signed November 18, 1901, of articles X VIII and X IX of the convention between the United States of America and the Republic of Panama concluded on November 18, 1903, and of article I of the treaty between the United States of America and the Republic of Colombia signed April 6, 1914.

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