PUBLIC LAWS-CH. 601-JUNE 23, 1938 section, to what extent, if any, the Federal Government should fur- ther regulate the rates, fares, and charges of air carriers engaged in foreign air transportation, and the classifications, rules, regulations, and practices affecting such rates, fares, or charges. Transportation of mail. TRANSPORTATION OF MAIL Continuation and Termination of Mail Contracts teontination and SEC. 405. (a) Each contract between the United States and any termination of mail contracts. person for the carriage of mail, entered into or continued under the 3 SutS93. c . 463, provisions of the Air Mail Act of 1934, as amended, and each contract 469-49s; Supp. III, for the carriage of mail by aircraft in Alaska, shall be continued in effect until canceled in accordance with this subsection. Each such contract shall be canceled upon the issuance to the holder of such contract of a certificate of public convenience and necessity authoriz- ing the transportation of mail by aircraft between the points covered by such contract, or upon the failure of the holder of such contract to apply for such certificate within one hundred and twenty days after the date of enactment of this act, or upon a determination by Compensation. the Authority that such certificate should not be issued. Until the Post,p. M. Authority fixes rates under section 406 of this Act, the Postmaster General shall pay compensation for the transportation of mail by aircraft at the rates provided by each such contract or, where rates have been heretofore or shall hereafter be fixed by orders of the Inter- state Commerce Commission, pursuant to proceedings instituted prior to the date of enactment of this Act, shall pay compensation for such transportation in accordance with such orders as if this Act had not been enacted. Foreign mail con- tracts. Continuation and termination. 45 Stat. 248 , 1449. 39U.S.C.§465a. Termination of bonds. PrAmos. Prior obligations, etc. Continuation and Termination of Foreign Mail Contracts (b) Each contract between the United States and any person heretofore entered into under the provisions of the Act of March 8, 1928, as amended (45 Stat. 248), shall be continued in effect until canceled in accordance with this subsection. Each such contract shall be canceled upon the issuance of a certificate of public con- venience and necessity to the holder of such contract authorizing the transportation of mail by aircraft between the points covered by such contract, or upon the effective date of any order of the Authority hereunder fixing a fair and reasonable rate of compensation for the transportation of mail by aircraft between the points covered by such contract, whichever is later, or upon the failure of the holder of such contract to apply for such certificate within one hundred and twenty days after the date of enactment of this Act, or upon a determination by the Authority that such certificate should not be issued. Termination of Bonds (c) Upon the cancelation, pursuant to the provisions of this Act of any contract for the transportation of mail by aircraft, the bond or bonds required from the holder thereof shall terminate and cease to be effective, and such holder and his or its surety or sureties thereon shall be released and discharged from all obligations there- under, and all securities deposited with such bond or bonds shall forthwith be returned to such holder: Provided, That the foregoing provision shall not be construed to terminate or make ineffective any bond or bonds of such holder, or to release or discharge from any obligation thereunder such holder or his or its surety or sureties thereon, in respect of any matter arising prior to the date of the cancelation of such contract, and such holder or his or its surety or sureties thereon shall not be released or discharged prior to disposi- 994 [52 STAT.
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