Panama Canal
Colombia, France, and later the United States controlled the territory surrounding the canal during construction. The US continued to control the canal and surrounding Panama Canal Zone until the 1977 Torrijos–Carter Treaties provided for handover to Panama. After a period of joint American–Panamanian control, in 1999, the canal was taken over by the Panamanian government. It is now managed and operated by the government-owned Panama Canal Authority.
History of Panama (1977–present)
The second treaty, the Treaty Concerning the Permanent Neutrality and Operation of the Panama Canal, or simply the Neutrality Treaty, was a much shorter document. Because it had no fixed termination date, this treaty was the major source of controversy. Under its provisions, the United States and Panama agreed to guarantee the canal's neutrality "in order that both in time of peace and in time of war it shall remain secure and open to peaceful transit by the vessels of all nations on terms of entire equality". In times of war, however, United States and Panamanian warships were entitled to "expeditious" transit of the canal under the provisions of Article VI. A Protocol was attached to the Neutrality Treaty, and all nations of the world were invited to subscribe to its provisions.