Page:United States Statutes at Large Volume 76A.djvu/107

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-11(c) The directors, of whom a majority constitute a quormn for the transaction of business, shall hold meetings as provided by the bylaws of the Panama Canal Company. § 64. President of the Company The Governor shall serve, ex officio, as president of the Panama Canal Company. § 65. General powers of Company (a) The Panama Canal Company may: (1) adopt, alter, and use a corporate seal, which shall be judicially noticed; (2) adopt, amend, and repeal bylaws governing the conduct of its general business and the performance of the powers and duties granted to or imposed upon it by law; (3) sue and be sued in its corporate name, but an attachment, garnishment, or similar process may not be issued against salaries or other monej'S owed by the Company to its employees; (4) enter into contracts, leases, agreements, or other transactions; (5) determine the character of, and necessity for, its obligations and expenditures and the manner in which they shall be incurred, allowed, and paid, and incur, allow, and pay them, subject to pertinent provisions of law generally applicable to Government corporations; and (6) purchase, lease, or otherwise acquire, and hold, own, maintain, work, develop, sell, lease, exchange, convey, mortgage, or otherwise dispose of, and deal in, lands, leaseholds, and any interest, estate, or rights in real, personal, or mixed property, and any franchises, concessions, rights, licenses, or privileges necessary or appropriate for any of the purposes expressed in this chapter. (b) The Panama Canal Company has the priority of the United States in the payment of debts out of bankrupt estates. § 66. Specific powers of Company (a) Subject to the Government (Corporation Control Act (31 U.S.C., sec. 841 et seq.), the Panama Canal Company may: (1) maintain and operate the Panama Canal; (2) construct, maintain, and operate a railroad across the Isthmus of Panama; (3) construct or acquire, and operate, vessels for the transportation of passengers or freight, and for other purposes; (4) construct or acquire, establish, maintain, and operate docks, wharves, piers, harbor terminal facilities, shops, yards, marine railways, salvage and towing facilities, fuel-handling facilities, motor-transportation facilities, power systems, water systems, a telephone system, construction facilities, living quarters and other buildings, guest houses, warehouses, storehouses, a printing plant, commissaries, and manufacturing, processing or service facilities in connection therewith, laundries, dairy facilities, restaurants, amusement and recreational facilities, and other business enterprises, facilities, and appurtenances necessary and appropriate for the accomplishment of the purposes of this chapter; (5) make or furnish sales, services, equipment, supplies, and materials, as contemplated by this chapter, to: (A) vessels; (R) agencies of the Government of the United States; (C) employees of the Government of the United States; and