Panama Canal Modernization Act

[AI summary unavailable — showing source text] Panama Canal Modernization Act - Directs the Governor of the Canal Zone under the supervision of the Secretary of the Army to prosecute the work necessary to increase the capacity and improve the operations of the Panama Canal through the adaptation of the Third Locks project (H. Doc. 210, 76th Congress) at a total cost not to exceed $850,000,000. Establishes the Panama Canal Advisory and Inspection Board composed of 5 members appointed by the President by and with the advice and consent of the Senate to study and review plans and designs for the Third Locks project. Gives the Board powers to carry out the provisions of this Act. Requires the Board to submit an annual report to the President and Congress on the progress of its work.…