unlawfully occupied by private persons, and to procure a judicial decree that all persons who, without previous consent, shall have built or planted upon the lands bought by the company in liquidation for the purpose of works of excavation, installation, and unloading shall have no right to any indemnity. ARTICLE IV. As compensation for the services which the Government agrees to render, in accordance with the two preceding articles, the concessionary, or his successors, shall pay to the Government 10,000,000 francs in gold, and shall issue to it gratis in addition 5,000,000 francs in 10,000 dividend-bearing shares of the new company of 500 francs each, full paid, having the right to no other dividends than those which are declared on ordinary shares. The said 10,000 shares shall remain attached to their respective stubs until the other shares shall be full paid, but, upon notice to the company, the Government shall have the power, when it shall see fit, to assign or pledge them. The 10,000,000 francs to which this article refers shall be paid by the concessionary, or by his successors, in five equal annual installments, the first being paid three months after the new company for the completion of the canal shall be fully organized, in conformity with the second condition of Article I. From this sum shall be deducted 2,500,000 francs, as well as the interest accrued up to the date of the present contract, which the Government owes to the company in liquidation for the loan of 1883, the deduction being made, in the first place, for the purpose of fixing the amount of the five installments just mentioned. By this payment the said loan shall be finally discharged. ARTICLE V. A special member, whom the Government has the right to appoint in the company's board of directors, in conformity with Article XX of the contract in force, shall enjoy in the new company to be organized for the completion of the canal, the same advantages and compensation granted to the other directors by the charter of the company, but neither the said appointee nor the official agent of the Government residing in the Isthmus, shall make any publication relative to the company without the express authorization of the Government. ARTICLE VI. If the new company for the completion of the canal shall not be organized, and if the work of excavation on the canal shall not be resumed within the period fixed by the second condition of Article 1, the contract in force shall lapse and the Republic shall enter into the pos session and enjoyment, without the necessity of a previous judicial decree and without indemnity, of the works of the canal and its annexes, which revert to it in accordance with Article III of the contract of 1878. SECTION 1. It is understood that the contract shall also lapse, and the provisions of this article shall become applicable if, the company for the completion of the canal not being organized before February 28, 1893, the legal representative of the Compagnie Universelle du Canal Interocéanique, or its successors, abandon the maintenance of the works, plant, and buildings now existing upon the Isthmus and belonging to the company. SEC. 2. The maintenance of the property enumerated in the preceding paragraph shall be considered abandoned when the legal representative of the Compagnie Universelle du Canal Interocéanique in liquidation, or his successors, shall discharge the force of employes which he now has on the Isthmus, or shall cease to make the necessary expenditure for preventing the loss or deterioration of the said property. SEC. 3. It is, moreover, understood that the buildings, plants, works, and improvements which are to become the property of the Republic under the circumstances provided in this article, and in conformity with Article XXIII of the contract of 1878, shall be inalienable, and are to be in good condition, subject to deterioration arising from use, from unavoidable causes, or from accident. ARTICLE VII. As soon as the company for the completion of the canal shall be legally organized and shall have resumed the work, in conformity with the provisions of the second condition of Article I of this contract, the Government shall assign to it in the department of Panama the 250,000 hectares of public lands to which it has been already declared by decisions of the executive power to be entitled, and shall issue to it the respective patents: provided that the legal formalities in the premises be accomplished on the part of the company. ARTICLE VIII. The security of 750,000 francs deposited by the canal company in accordance with Article II of the contract in force shall be maintained as a guaranty for the fulfillment of the obligations arising from the said contract and of those assumed by the concessionary under the provisions of the present contract. ARTICLE IX. All rights and obligations created by the contract of March 23, 1878, for the opening of an interoceanic canal across Colombian territory, approved by law 25 of the same year, shall continue in full force and vigor without other restrictions and modifications than those contained in the present contract. ARTICLE X. In order that the present contract may have full force and effect, it shall be submitted to the approval of His Excellency the President of the Republic, and to that of Congress, Done in duplicate, at Bogotá, the 10th day of December, 1890. ANTONIO ROLDAN. CONTRACT OF EXTENSION.1 CONTRACT GRANTING EXTENSION TO THE PANAMA CANAL COMPANY, IN LIQUIDATION. Between Marco F. Saurez, minister of foreign affairs, duly authorized by His Excellency the Vice-President of the Republic, and in accordance with the powers granted to the executive power by law 91 of 1892, hereinafter called the Government," of the one part, and Francois Mange, engineer, director of the operations of the liquidation on the Isthmus, special representative of the receiver of the Compagnie Universelle du Canal de Panama, under powers of attor ney granted him at Paris, January 24, 1893, hereinafter called "the concessionary," of the other part; it has been agreed to modify the contracts of March 23, 1878, and December 10, 1890, for the opening of an interoceanic canal across Colombian territory, in conformity with the following stipulations: ARTICLE 1. The extension of ten years granted in Article 1 of the contract of 1890 to the receiver of the Compagnie Universelle du Canal de Panama remains in force, subject to the conditions then provided, except the second, which is modified by the extension until October 31. 284, of the period within which the new company is to be formed and work on the canal is to le resumed in a serious and permanent manner. The term of ten years shall begin to run from the date of the formal organization of the new company. ARTICLE 2. The concessionary or his successor acknowledges the validity of the former contracts and of the present contract, and binds himself to do, in France, all acts necessary to insure its validity. These proceedings are to be concluded not later than August 31 next. ARTICLE 3. As compensation for the extension which the Government grants by Article 1, and to indemnify it for the advantages which it relinquishes accordingly, the concessionary or his successor acknowledges an indebtedness in favor of the Republic amounting to the sum of 200,00 franes in gold, which added to the 10,000,000 provided in Article 4 of the contract of 189, constitutes a total indebtedness of 12,000,000 francs in favor of Colombia, exclusive of 30**,000 franes in 10,000 shares, also mentioned in the article aforesaid. ARTICLE 4. The contracting parties further agree that from the 12,000,000 which have just Jeen mentioned in the preceding article shall be deducted the sum of 4,000,000 franes which the Colombian Government and the treasury of the department of Panama owe to the company in Equilation for the loan of 1883 and its interest, and for services and material furnished to the administration of this department from 1881 to 1892. Accordingly, this debt becomes finally extinguished, leaving the Republic free from all obligation with regard to this matter, and reducing to SUP franes in gold, the sum which the new company is to pay to the Government. ARTICLE 5. The 8,000,000 francs mentioned in the preceding article shall be paid by the concessionary or his successor in the following manner: 150,000 francs August 31. 1893; 150,000 francs October 31, 186; 200,000 francs December 31, 1893. The remainder shall be paid in four installments, the first to be paid three months after the new company for the completion of the cared shall be formally organized. The first of these installments shall be 1,500,000 franes and the three other 2,000,000 franes each. ARTICLE 6. The Republie shall enter into possession and ownership, without need of previous judicial decision and without any indemnity, of the canal itself and the annexes dependent thereon. in conformity with the contracts of 1878 and 1890, in each of the following cases: If the new company shall not be organized within the period fixed by Article 1. If the work shall not be resumed within the period fixed by the same article. If the receiver sells the property which is to belong to the Republic in case of lapse, or abandons its maintenance, all in conformity with the provisions of the previous contracts, saving and excepting deterioration arising from use, unavoidable causes, or from accident. 1 Translation from Diario Oficial of Bogotá, April 5, 1893, No. 9125. 481 If the inventory mentioned in Article 7 of the present contract shall not be made. If the conditions of Article 2 of the same contract shall not be fulfilled. ARTICLE 7. A general inventory of the property of the company in liquidation, which shall comprise as well the property which is to belong to the Government in case of lapse, as that which is to belong to the company in liquidation, shall be prepared upon the Isthmus. It is understood that rolling stock and floating plant shall be comprised in this inventory, which is to be made in conjunction with the agent of the Government at Panama, and is to be completed not later than August 31, 1893. ARTICLE 8. The security of 750,000 francs deposited in conformity with the contract of 1878 by the canal company and confirmed by the contract of 1890 shall be maintained as a guaranty for the fulfillment of the obligations arising from the said contracts and those to which the concessionary agrees by the present contract. ARTICLE 9. Disputes which may arise between the contracting parties with regard to the present contract or the former contract shall be submitted to the supreme court of justice of Colombia. In conformity with the provisions of Article 7 of law 145 of 1888, the concessionary waives the right to diplomatic intervention concerning the duties and rights arising from the three contracts, except in case of denial of justice. ARTICLE 10. All rights and obligations arising from contract of March 23, 1878, and contract of December 10, 1890, for the excavation of an interoceanic canal across Colombian territory, approved by law 28 of 1878, and by law 107 of 1890, shall continue in full force and vigor, without other modifications than those provided in the present contract. ARTICLE 11. The concessionary declares that he accepts all the provisions of the present contract which impose special obligations upon the receiver, as well as those which affect the company which may be formed. ARTICLE 12. The present contract must, in order to be valid, be approved by His Excellency the Vice-President of the Republic. Done in duplicate at Bogotá the 4th day of April, 1893. MARCO F. SUAREZ. EXECUTIVE GOVERNMENT, Bogotá, April 4, 1893. The Minister of Foreign Affairs. MARCO F. SUAREZ. CONTRACT RELATIVE TO THE GRANTING OF AN EXTENSION OF TIME TO THE NEW COMPANY OF THE PANAMA CANAL. Whereas the national executive power has dictated the following decree No. 721 of 1900 (April 23), by which provision is made for the granting of an extension of time to the new company of the Parama Canal, the President of the Republic having seen the memorial by which the mpany of the Panama Canal has solicited of the Government an extension of six years for the completion of the work and putting it into public service; and having seen the communications in which the special agent, Dr. Nicolas Esquerra, expounds to the Government the public expediency of granting the extension herein considered, decrees: ARTICLE 1. The Government may grant to the new company of the Panama Canal an extenor for the fixed term of six years to complete the work and put it into public use: Provided, That it shall deposit at the disposition of the national treasury, within one hundred and twenty days, computed from the date on which this instrument shall be notified to the said company, in such bank or establishment as may be designated by the Government, 5,000,000 francs in French gold. ARTICLE 2. The said extension will begin to run on the 31st day of October, 1904: consequently the canal must be completed and put into public use on the 31st day of October, 1910, at the latest. Let it be communicated and published. Given at Peña, department of Cundinamarca, this 23d day of April, 1900. MANUEL A. SANCLEMENTE. Minister of State. CARLOS CUERVO MARQUEZ, CARLOS CALDERON, Minister of Finance. JOSE SANTOS, Minister of War. MORCO F. SUAREZ, Minister of Public Instruction. MARCELIANO VARGAS, Minister of the Treasury. Now, therefore, we, to wit, Carlos Calderon, minister of finance of the Republic, duly authorized by the executive power, on the one part, and, on the other part, Alejandro N. Mancini, in discapacity of agent of the new company of the Panama Canal and as representative of the same, by virtue of the power of attorney which he has laid before the ministry of finance, have executed the following contract: ARTICLE 1. The Government of the Republic grants to the new company of the Panama Canal a delay of six years, from the 31st of October, 1904, in which to complete the work on the canal and deliver it to the public service, under the terms of the existing contracts. In consejure the said work shall have to be completed and put into the public service on the 31st day of October, 1910. ARTICLE 2. In consideration of the extension referred to in the foregoing article, the new company of the Panama Canal will pay to the Republic the sum of 5,000,000 francs in French ruin, in the city of Paris, ninety days from the date on which this contract shall have been approved by the Most Exellent President of the Republic. Said payment shall be made by the company to the firm or hunk in the city of Paris in whose favor the minister of the treasury of the Republie Lay draw. 1 Translation from Diario Oficial, Bogotá, May 7, 1900, No. 11278 (ministry of finance). ARTICLE 3. This contract requires the approval of the council of ministers and that of th Most Excellent President of the Republic. In witness whereof we have signed three copies of even tenor, at Bogotá, this 25th day o April, 1900. CARLOS CALDERON. PRESIDENCY OF THE COUNCIL OF MINISTERS, In the session of this day the foregoing contract was examined and unanimously approved Approved. CARLOS CUERvo MarqueZ, President. ALEJANDRO M. OLIVARES, Secretary ad hoc. NATIONAL EXECUTIVE POWER, Peña, Department of Cundinamarca, April 26, 1900. MANUEL A. SANCLEMENTE. Minister of Finance. |