The treaty was approved by the provisional Panamanian government on December 2, 1903, and by the US Senate on February 23, 1903. While the treaty was approved, the Panamanians received US$10 million, much of which the United States required to be invested in that country. The Canal Zone was formally turned over by Panama on May 4, 1904, when American officials reopened the Panama City offices of the canal company and raised the American flag.