The Panama Canal Authority
() is the agency of the government of Panama
responsible for the operation and management of the Panama Canal
. The ACP took over the administration of the Panama Canal
from the Panama Canal Commission
, the joint US–Panama agency that managed the Canal, on December 31, 1999, when the canal was handed over from the United States
as the Torrijos-Carter Treaties
The Panama Canal Authority is established under Title XIV of the National Constitution, and has exclusive charge of the operation, administration, management, preservation, maintenance, and modernisation of the Canal. It is responsible for the operation of the canal in a safe, continuous, efficient, and profitable manner.
The Organic Law of the Panama Canal Authority, passed on June 11, 1997, provides the legal framework for the organization and operation of the canal.
Because of its unique nature, the ACP has financial autonomy, as well as ownership of the canal's assets.
The ACP is headed by an administrator and deputy administrator, supervised by a board of directors. The administrator is the legal representative of the authority, and is responsible for the implementation of policies decided upon by the board. The administrator is appointed for a term of seven years; he/she may serve at most two terms. The current administrator is... Read More