Panama Canal Modernization Act

[AI summary unavailable — showing source text] Panama Canal Modernization Act - Authorizes the Governor of the Canal Zone, under the supervision of the Secretary of the Army, to increase the capacity and improve the operations of the Panama Canal (Third Locks project). Permits the Governor to utilize the services and facilities of the Panama Canal Company to carry out this Act. Establishes a Panama Canal Advisory and Inspection Board to study and review all plans and designs for the Third Locks project and to inspect the construction of such project. Prohibits any construction to begin or modifications to be made without the prior approval of the Board. Requires the Board to report annually to the President and Congress. Stipulates that this Act: (1) will not take effect until Congress is notified that the President will take no further actions for the surrender of the Canal Zone and Panama Canal to Panama; and (2) will remain effective only as long as U.S. rights, pursuant to the 1903, 1936, and 1955 treaties with Panama, remain unaltered. Provides for the repayment to the United States of funds expended under this Act through the toll rates.…