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45 U.S.C. § 701 — Congressional declaration of policy
Federal law — U.S. Code and appendices · legal_authorities
**(a) Findings** The Congress finds and declares that—
(1) Essential rail service in the midwest and northeast region of the United States is provided by railroads which are today insolvent and attempting to undergo reorganization under the Bankruptcy Act.
(2) This essential rail service is threatened with cessation or significant curtailment because of the inability of the trustees of such railroads to formulate acceptable plans for reorganization. This rail service is operated over rail properties which were acquired for a public use, but which have been permitted to deteriorate and now require extensive rehabilitation and modernization.
(3) The public convenience and necessity require adequate and efficient rail service in this region and throughout the Nation to meet the needs of commerce, the national defense, the environment, and the service requirements of passengers, United States mail, shippers, States and their political subdivisions, and consumers.
(4) Continuation and improvement of essential rail service in this region is also necessary to preserve and maintain adequate national rail services and an efficient national rail transportation system.
(5) Rail service and rail transportation offer economic and environmental advantages with respect to land use, air pollution, noise levels, energy efficiency and conservation, resource allocation, safety, and cost per ton-mile of movement to such extent that the preservation and maintenance of adequate and efficient rail service is in the national interest.
(6) These needs cannot be met without substantial action by the Federal Government.
**(b) Purposes** It is therefore declared to be the purpose of Congress in this chapter to provide for—
(1) the identification of a rail service system in the midwest and
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Source file: Laws/federal/codes/united-states-code/title-45/section-701-congressional-declaration-of-policy--ea74982f2b.md
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Source location: Title 45, Chapter 16, § 701; chapter-016-regional-rail-reorganization.md
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**(a) Findings** The Congress finds and declares that—
(1) Essential rail service in the midwest and northeast region of the United States is provided by railroads which are today insolvent and attempting to undergo reorganization under the Bankruptcy Act.
(2) This essential rail service is threatened with cessation or significant curtailment because of the inability of the trustees of such railroads to formulate acceptable plans for reorganization. This rail service is operated over rail properties which were acquired for a public use, but which have been permitted to deteriorate and now require extensive rehabilitation and modernization.
(3) The public convenience and necessity require adequate and efficient rail service in this region and throughout the Nation to meet the needs of commerce, the national defense, the environment, and the service requirements of passengers, United States mail, shippers, States and their political subdivisions, and consumers.
(4) Continuation and improvement of essential rail service in this region is also necessary to preserve and maintain adequate national rail services and an efficient national rail transportation system.
(5) Rail service and rail transportation offer economic and environmental advantages with respect to land use, air pollution, noise levels, energy efficiency and conservation, resource allocation, safety, and cost per ton-mile of movement to such extent that the preservation and maintenance of adequate and efficient rail service is in the national interest.
(6) These needs cannot be met without substantial action by the Federal Government.
**(b) Purposes** It is therefore declared to be the purpose of Congress in this chapter to provide for—
(1) the identification of a rail service system in the midwest and northeast region which is adequate to meet the needs and service requirements of this region and of the national rail transportation system;
(2) the reorganization of railroads in this region into an economically viable system capable of providing adequate and efficient rail service to the region;
(3) the establishment of the United States Railway Association, with enumerated powers and responsibilities;
(4) the establishment of the Consolidated Rail Corporation, with enumerated powers and responsibilities;
(5) assistance to States and local and regional transportation authorities for continuation of local rail services threatened with cessation; and
(6) necessary Federal financial assistance at the lowest possible cost to the general taxpayer.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions**
(1) When used in this subchapter, “investment company” means any issuer which—
(A) is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities;
(B) is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or
(C) is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40 per centum of the value of such issuer’s total assets (exclusive of Government securities and cash items) on an unconsolidated basis.
(2) As used in this section, “investment securities” includes all securities except (A) Government securities, (B) securities issued by employees’ securities companies, and (C) securities issued by majority-owned subsidiaries of the owner which (i) are not investment companies, and (ii) are not relying on the exception from the definition of investment company in paragraph (1) or (7) of subsection (c).
**(b) Exemption from provisions** Notwithstanding paragraph (1)(C) of subsection (a), none of the following persons is an investment company within the meaning of this subchapter:
(1) Any issuer primarily engaged, directly or through a wholly-owned subsidiary or subsidiaries, in a business or businesses other than that of investing, reinvesting, owning, holding, or trading in securities.
(2) Any issuer which the Commission, upon application by such issuer, finds and by order declares to be primarily engaged in a business or businesses other than that of investing, reinvesting, ownin
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Notwithstanding any other provision of law, no railroad in reorganization shall withhold from any State, or any political subdivision thereof, the payment of the portion of any tax owed by such railroad to such State or subdivision, which portion has been collected by such railroad from any tenant thereof.
**(b)** Any railroad which violates the provisions of subsection (a) of this section by withholding any portion of a tax referred to in such subsection shall be fined not more than $10,000 for each such violation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 794
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Abolition and termination**
(1) Effective April 1, 1987, the United States Railway Association is abolished.
(2) On January 1, 1987, all powers, duties, rights, and obligations of such association relating to the Corporation under the Regional Rail Reorganization Act of 1973 ([45 U.S.C. 701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section701&num=0&edition=prelim) et seq.) shall be transferred to the Secretary of Transportation.
(3) The sole function of the United States Railway Association after January 1, 1987, shall be the termination of its affairs and the liquidation of its assets.
**(b) Transfer of securities and responsibilities**
(1) Any securities of the Corporation held by the United States Railway Association shall, upon 11 So in original. Probably should be “on”. October 21, 1986, be transferred to the Secretary of Transportation.
(2) If, on the date the United States Railway Association is abolished under subsection (a), such association shall not have completed the termination of its affairs and the liquidation of its assets, the duty of completing such winding up of its affairs and liquidation shall be transferred to the Secretary of Transportation, who for such purposes shall succeed to all remaining powers, duties, rights, and obligations of such association.
**(c) Financing agreement**
(1) On January 1, 1987, the Amended and Restated Financing Agreement, dated May 10, 1979, between the United States Railway Association and the Corporation, together with any and all rights and obligations of or on behalf of any person with respect to such agreement, shall terminate and be of no further force or effect, except for those provisions specifying terms and conditions for payments made to the United States with respect
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 1341
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Contracts, grants-in-aid, and loans to groups, individuals, public agencies, and private nonprofit organizations; availability of appropriations; guidelines**
(1)
(A)
(i) For the purpose of carrying out [section 954(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section954/c&num=0&edition=prelim), there are authorized to be appropriated to the National Endowment for the Arts $125,800,000 for fiscal year 1991 and such sums as may be necessary for fiscal years 1992 and 1993.
(ii) For fiscal years—
(I) 1991 and 1992 not less than 25 percent of the amount appropriated for the respective fiscal year; and
(II) 1993 not less than 27.5 percent of the amount appropriated for such fiscal year;
shall be for carrying out [section 954(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section954/g&num=0&edition=prelim).
(iii) For fiscal years—
(I) 1991 and 1992 not less than 5 percent of the amount appropriated for the respective fiscal year; and
(II) 1993 not less than 7.5 percent of the amount appropriated for such fiscal year;
shall be for carrying out programs under [section 954(p)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section954/p/2&num=0&edition=prelim) (relating to programs to expand public access to the arts in rural and innercity areas). Not less than 50 percent of the funds required by this clause to be used for carrying out such programs shall be used for carrying out such programs in rural areas.
(B) For the purpose of carrying out [section 956(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section956/c&num=0&edition=prelim), there are author
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 960
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule**
(1) **In general** — No gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such corporation or in another corporation a party to the reorganization.
(2) **Limitation**
(A) *Excess principal amount* — Paragraph (1) shall not apply if—
(i) the principal amount of any such securities received exceeds the principal amount of any such securities surrendered, or
(ii) any such securities are received and no such securities are surrendered.
(B) *Property attributable to accrued interest* — Neither paragraph (1) nor so much of section 356 as relates to paragraph (1) shall apply to the extent that any stock (including nonqualified preferred stock, as defined in section 351(g)(2)), securities, or other property received is attributable to interest which has accrued on securities on or after the beginning of the holder’s holding period.
(C) *Nonqualified preferred stock*
(i) *In general* — Nonqualified preferred stock (as defined in section 351(g)(2)) received in exchange for stock other than nonqualified preferred stock (as so defined) shall not be treated as stock or securities.
(ii) *Recapitalizations of family-owned corporations*
(I) *In general* — Clause (i) shall not apply in the case of a recapitalization under section 368(a)(1)(E) of a family-owned corporation.
(II) *Family-owned corporation* — For purposes of this clause, except as provided in regulations, the term “family-owned corporation” means any corporation which is described in clause (i) of section 447(d)(2)(C) 11 See References in Text note below. throughout the 8-year period beginning on the date which is 5
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 354
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of an exchange to which section 351, 354, 355, 356, or 361 applies—
(1) **Nonrecognition property** — The basis of the property permitted to be received under such section without the recognition of gain or loss shall be the same as that of the property exchanged—
(A) decreased by—
(i) the fair market value of any other property (except money) received by the taxpayer,
(ii) the amount of any money received by the taxpayer, and
(iii) the amount of loss to the taxpayer which was recognized on such exchange, and
(B) increased by—
(i) the amount which was treated as a dividend, and
(ii) the amount of gain to the taxpayer which was recognized on such exchange (not including any portion of such gain which was treated as a dividend).
(2) **Other property** — The basis of any other property (except money) received by the taxpayer shall be its fair market value.
**(b) Allocation of basis**
(1) **In general** — Under regulations prescribed by the Secretary, the basis determined under subsection (a)(1) shall be allocated among the properties permitted to be received without the recognition of gain or loss.
(2) **Special rule for section 355** — In the case of an exchange to which section 355 (or so much of section 356 as relates to section 355) applies, then in making the allocation under paragraph (1) of this subsection, there shall be taken into account not only the property so permitted to be received without the recognition of gain or loss, but also the stock or securities (if any) of the distributing corporation which are retained, and the allocation of basis shall be made among all such properties.
**(c) Section 355 transactions which are not exchanges** For purposes of this section, a distribution to whic
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 358
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Federal law — U.S. Code and appendices · legal_authorities
In this chapter—
(1) “Government corporation” means a mixed-ownership Government corporation and a wholly owned Government corporation.
(2) “mixed-ownership Government corporation” means—
(A) the Central Bank for Cooperatives.
(B) the Federal Deposit Insurance Corporation.
(C) the Federal Home Loan Banks.
(D) the Federal Intermediate Credit Banks.
(E) the Federal Land Banks.
(F) the National Credit Union Administration Central Liquidity Facility.
(G) the Regional Banks for Cooperatives.
(H) the Financing Corporation.
(I) the Resolution Trust Corporation.
(J) the Resolution Funding Corporation.
(3) “wholly owned Government corporation” means—
(A) the Commodity Credit Corporation.
(B) the Community Development Financial Institutions Fund.
(C) the Export-Import Bank of the United States.
(D) the Federal Crop Insurance Corporation.
(E) Federal Prison Industries, Incorporated.
(F) the Corporation for National and Community Service.
(G) the Government National Mortgage Association.
(H) the United States International Development Finance Corporation.
(I) the Pennsylvania Avenue Development Corporation.
(J) the Pension Benefit Guaranty Corporation.
(K) the Great Lakes St. Lawrence Seaway Development Corporation.
(L) the Secretary of Housing and Urban Development when carrying out duties and powers related to the Federal Housing Administration Fund.
(M) the Tennessee Valley Authority.
(N) the Panama Canal Commission.
(O) the Millennium Challenge Corporation.
(P) the International Clean Energy Foundation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 9101
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Federal law — U.S. Code and appendices · legal_authorities
The Congress finds and declares that—
(1) the processes set in motion by the Regional Rail Reorganization Act of 1973 [[45 U.S.C. 701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section701&num=0&edition=prelim) et seq.] have failed to create a self-sustaining railroad system in the Northeast region of the United States and have cost United States taxpayers many billions of dollars over original estimates;
(2) current arrangements for the provision of rail freight and commuter service in the Northeast and Midwest regions of the United States are inadequate to meet the transportation needs of the public and the needs of national security;
(3) although the Federal Government has provided billions of dollars in assistance for Conrail and its employees, the Federal interest in ensuring the flow of interstate commerce through rail service in the private sector has not been achieved, and the protection of interstate commerce requires Federal intervention to preserve essential rail service in the private sector;
(4) the provisions for protection of employees of bankrupt railroads contained in the Regional Rail Reorganization Act of 1973 [[45 U.S.C. 701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section701&num=0&edition=prelim) et seq.] have resulted in the payment of benefits far in excess of levels anticipated at the time of enactment, have imposed an excessive fiscal burden on the Federal taxpayer, and are now an obstacle to the establishment of improved rail service and continued rail employment in the Northeast region of the United States; and
(5) since holding Conrail liable for employee protection payments would destroy its prospects of becoming a profitable carrier and further injure its employees, an alternative
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 1101
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Federal law — U.S. Code and appendices · legal_authorities
As used in this subtitle, unless the context otherwise requires, the term:
(1) “Amtrak” means the National Railroad Passenger Corporation created under chapter 243 of title 49.
(2) “Commission” means the Interstate Commerce Commission.
(3) “Commuter authority” means any State, local, or regional authority, corporation, or other entity established for purposes of providing commuter service, and includes the Metropolitan Transportation Authority, the Connecticut Department of Transportation, the Maryland Department of Transportation, the Southeastern Pennsylvania Transportation Authority, the New Jersey Transit Corporation, the Massachusetts Bay Transportation Authority, the Port Authority Trans-Hudson Corporation, any successor agencies, and any entity created by one or more such agencies for the purpose of operating, or contracting for the operation of, commuter service.
(4) “Commuter service” means short-haul rail passenger service operated in metropolitan and suburban areas, whether within or across the geographical boundaries of a State, usually characterized by reduced fare, multiple-ride, and commutation tickets, and by morning and evening peak period operations.
(5) “Conrail” means the Consolidated Rail Corporation created under title III of the Regional Rail Reorganization Act of 1973 ([45 U.S.C. 741](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section741&num=0&edition=prelim) et seq.).
(6) “Rail carrier” means a common carrier engaged in interstate or foreign commerce by rail subject to subtitle IV of title 49.
(7) “Secretary” means the Secretary of Transportation.
(8) “Special court” means the judicial panel established under section 209(b)(1) of the Regional Rail Reorganization Act of 1973 ([45 U.S.C. 719(b)(1)](https://uscode.
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 1104
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The provisions of chapters 5 and 7 of title 5 (popularly known as the Administrative Procedure Act and including provisions popularly known as the Government in the Sunshine Act), chapter 10 of title 5, section 102(2)(C) of the National Environmental Policy Act of 1969 [[42 U.S.C. 4332(2)(C)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4332/2/C&num=0&edition=prelim)], division A of subtitle III of title 54, and [section 303 of title 49](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title49-section303&num=0&edition=prelim) are inapplicable to actions taken in negotiating, approving, or implementing service transfers under title IV of the Regional Rail Reorganization Act of 1973 [[45 U.S.C. 761](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section761&num=0&edition=prelim) et seq.] 11 See References in Text note below. and to the implementation of the sale of the interest of the United States in Conrail under the Conrail Privatization Act [[45 U.S.C. 1301](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1301&num=0&edition=prelim) et seq.].
**(b)** The operation of trains by Conrail shall not be subject to the requirement of any State or local law which specifies the minimum number of crew members who must be employed in connection with the operation of such trains.
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 1116
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