
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC3721]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                        CHAPTER 51--PANAMA CANAL
 
              SUBCHAPTER I--ADMINISTRATION AND REGULATIONS
 
                       Part 3--Funds and Accounts
 
               subpart ii--accounting policies and audits
 
Sec. 3721. Accounting policies


(a) Establishment and maintenance of accounts; specifications

    The Commission shall establish and maintain its accounts pursuant to 
chapter 91 of title 31 and the provisions of this part. Such accounts 
shall specify all revenues received by the Commission, including tolls 
for the use of the Panama Canal, expenditures for capital replacement, 
expansion, and improvement, and all costs of maintenance and operation 
of the Panama Canal and of its complementary works, installations, and 
equipment, including depreciation, payments to the Republic of Panama 
under the Panama Canal Treaty of 1977, and interest on the investment of 
the United States calculated in accordance with section 3793 of this 
title.

(b) Regulations establishing the basis of accounting for assets

    The Commission may issue regulations establishing the basis of 
accounting for the assets which are made available for the use of the 
Commission. Such regulations may provide for depreciation of the net 
replacement value of the assets which will ultimately require 
replacement to maintain the service capacity of the Panama Canal. Such 
regulations may also provide that depreciation of such assets be 
recorded ratably over their service lives.

(Pub. L. 96-70, title I, Sec. 1311, Sept. 27, 1979, 93 Stat. 479; Pub. 
L. 104-201, div. C, title XXXV, Sec. 3541(a), Sept. 23, 1996, 110 Stat. 
2866.)


                               Amendments

    1996--Subsec. (a). Pub. L. 104-201 substituted ``chapter 91 of title 
31'' for ``the Accounting and Auditing Act of 1950 (31 U.S.C. 65 et 
seq.)''.

                  Section Referred to in Other Sections

    This section is referred to in sections 3751, 3793 of this title.
