Chapter IX

ORGANIC LAW PANAMA CANAL AUTHORITY
PANAMA LEGISLATIVE ASSEMBLY
LAW No. 19
(of June 11, 1997)
"WHEREBY THE PANAMA CANAL AUTHORITY IS ORGANIZED"

Chapter IX - Temporary Provisions


Article 129. To achieve an effective control, the Authority, in coordination with the Panama Canal Commission, shall endeavor to obtain, prior to December 31, 1999, a general inventory of the assets of the latter, with follow-up and control mechanisms for its acquisitions and issues, so that as of the date of transfer of the Canal, said inventory agrees with the one submitted by the Panama Canal Commission to the Republic of Panama.

Article 130. The Executive Branch, through the Ministry of Finance and Treasury, shall transfer to the Authority property rights to all assets described in item 1 of Article 33 of this Law received with the transfer of the Canal at the values established by the corresponding transfer document.

Article 131. The Public Registry, at the request of the Authority, shall register all the lands and improvements built thereon which are used for the operation of the Canal to form one or several real estate properties registered in the name of said Authority.

Article 132. The State shall endow the Authority, or the agency in charge of the Canal transition, with the necessary funds for its operation during the transition period that will end on December 31, 1999; these funds may be reimbursed to the Central Government, pursuant to agreements between the Executive Branch and the Authority.

Article 133. The Authority shall recognize the validity of degrees, licenses, and professional credentials issued to its workers by its predecessor, the Panama Canal Commission.

Article 134. Whenever a conflict arises between this Law or the Regulations issued to implement it, and any law, legal ruling, or regulation or contract/law for a concession or of any other type in which the State is a party or a party in interest, either directly or through any of its agencies or institutions, other than the Authority, whether of a general or special nature, national or municipal, the organic Law of the Authority and its Regulations will take precedence.

Chapter X Effective Date of the Law