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1 "68. Assets and liabilities
2 "(a) Property and other assets of the Panama Canal 3 Company and of the Canal Zone Government which are not 4 transferred to other United States Government agencies or to 5 the Republic of Panama, or otherwise disposed of, shall, not6 withstanding section 5 of the Act of July 16, 1914, as 7 amended (31 U.S.C.  638(a)), be the property and assets of 8 the Panama Canal Commission from and after the effective 9 date, and except as otherwise provided by law, the Commis10 sion shall assume the liabilities of the Panama Canal Coin11 pany and Canal Zone Government then outstanding. 12 "(b) The Commission may depreciate the Panama 13 Canal, its complementary works, installations, and equip14 ment, and all other property and assets of the Commission, 15 and may amortize over the life of the Panama Canal Treaty 16 of 1977 the right to use certain assets such as housing made 17 available to the United States under that Treaty and related 18 agreements. The value of these use rights, as determined by 19 the Commission, shall be established as an asset on the books 20 of the Commission and amortized over the period of use. 21 "(c) The assets and liabilities referred to in this section 22 shall be deemed to have been accepted and assumed by the 23 Commission without the necessity of any act on the part of 24 the Commission except as otherwise stipulated by section 62 25 of this title.".