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45 U.S.C. § 1342 — Exemption from liability
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** No person referred to in section 726(f)(8)(C)(i), (ii), or (iii) of this title shall be liable, for money damages or otherwise, to any party if, with respect to the subject matter of the action, suit, or proceeding, such person was fulfilling a duty, in connection with any action taken under this subchapter, which such person in good faith reasonably believed to be required by law or vested in such person.
**(b) Exception** This section shall not apply to claims arising out of the Securities Act of 1933 [[15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) et seq.], the Securities Exchange Act of 1934 [[15 U.S.C. 78a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) et seq.], or the Constitution or laws of any State, territory, or possession of the United States relating to transactions in securities, which claims are in connection with a public offering under [section 1312 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1312&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-45/section-1342-exemption-from-liability--c74de759b4.md
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Source location: Title 45, Chapter 22, § 1342; chapter-022-conrail-privatization.md
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**(a) In general** No person referred to in section 726(f)(8)(C)(i), (ii), or (iii) of this title shall be liable, for money damages or otherwise, to any party if, with respect to the subject matter of the action, suit, or proceeding, such person was fulfilling a duty, in connection with any action taken under this subchapter, which such person in good faith reasonably believed to be required by law or vested in such person.
**(b) Exception** This section shall not apply to claims arising out of the Securities Act of 1933 [[15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) et seq.], the Securities Exchange Act of 1934 [[15 U.S.C. 78a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78a&num=0&edition=prelim) et seq.], or the Constitution or laws of any State, territory, or possession of the United States relating to transactions in securities, which claims are in connection with a public offering under [section 1312 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1312&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Securities Exchange Act of 1934.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78a
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter may be cited as the “Securities Act of 1933”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Structure of public offering**
(1) After the registration statement referred to in [section 1311(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1311/c&num=0&edition=prelim) is declared effective by the Securities and Exchange Commission, the Secretary of Transportation, in consultation with the Secretary of the Treasury, the Chairman of the Board of Directors of the Corporation, and the co-lead managers, shall offer the United States shares for sale in a public offering, except as provided in paragraphs (2) and (3).
(2) The Secretary of Transportation, after such consultation, may elect to offer less than all of the United States shares for sale at the time of the initial sale.
(3) Under no circumstances shall the Secretary of Transportation offer any of the United States shares for sale unless, before the sale date, the Secretary determines, after such consultation, that the estimated sum of the gross proceeds from the sale of all the United States shares will be an adequate amount. A determination by the Secretary under this paragraph shall not be reviewable.
(4) In making a determination under paragraph (3), the Secretary shall have the goal of obtaining at least $2,000,000,000 in aggregate gross proceeds for the United States from the public offering and any payments made under [section 1311(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1311/b&num=0&edition=prelim).
**(b) Subsequent sales** If the Secretary of Transportation elects to offer for sale less than all the United States shares, the Secretary shall sell the remaining United States shares in subsequent public offerings.
**(c) Consent of Corporation not required** Any public offering under this section
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 1312
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Federal law — U.S. Code and appendices · legal_authorities
Page 119
TITLE 15—COMMERCE AND TRADE
§ 77b
7025, set out as a note under section 301 of Title 3, The
President.
CHAPTER 2A—SECURITIES AND TRUST
INDENTURES
SUBCHAPTER I—DOMESTIC SECURITIES
Sec.
77a.
Short title.
77b.
Definitions; promotion of efficiency, competi-
tion, and capital formation.
77b–1.
Swap agreements.
77c.
Classes of securities under this subchapter.
77d.
Exempted transactions.
77d–1.
Requirements with respect to certain small
transactions.
77e.
Prohibitions relating to interstate commerce
and the mails.
77f.
Registration of securities.
77g.
Information required in registration state-
ment.
77h.
Taking effect of registration statements and
amendments thereto.
77h–1.
Cease-and-desist proceedings.
77i.
Court review of orders.
77j.
Information required in prospectus.
77k.
Civil liabilities on account of false registra-
tion statement.
77l.
Civil liabilities arising in connection with
prospectuses and communications.
77m.
Limitation of actions.
77n.
Contrary stipulations void.
77o.
Liability of controlling persons.
77p.
Additional remedies; limitation on remedies.
77q.
Fraudulent interstate transactions.
77r.
Exemption from State regulation of securi-
ties offerings.
77r–1.
Preemption of State law.
77s.
Special powers of Commission.
77t.
Injunctions and prosecution of offenses.
77u.
Hearings by Commission.
77v.
Jurisdiction of offenses and suits.
77w.
Unlawful representations.
77x.
Penalties.
77y.
Jurisdiction of other Government agencies
over securities.
77z.
Separability.
77z–1.
Private securities litigation.
77z–2.
Application of safe harbor for forward-look-
ing statements.
77z–2a.
Conflicts of interest relating to certain
securitizations.
77z–3.
General exemptive authority.
77z
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77a
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Federal law — U.S. Code and appendices · legal_authorities
Page 202
TITLE 15—COMMERCE AND TRADE
§ 78a
Sec.
78m.
Periodical and other reports.
78m–1.
Reporting and recordkeeping for certain secu-
rity-based swaps.
78m–2.
Reporting requirements regarding coal or
other mine safety.
78n.
Proxies.
78n–1.
Shareholder approval of executive compensa-
tion.
78n–2.
Corporate governance.
78o.
Registration and regulation of brokers and
dealers.
78o–1.
Brokers deemed to be registered.
78o–2.
Liabilities arising prior to amendment unaf-
fected.
78o–3.
Registered securities associations.
78o–4.
Municipal securities.
78o–4a.
Commission Office of Municipal Securities.
78o–5.
Government securities brokers and dealers.
78o–6.
Securities analysts and research reports.
78o–7.
Registration of nationally recognized statis-
tical rating organizations.
78o–8.
Universal ratings symbols.
78o–9.
Study and rulemaking on assigned credit rat-
ings.
78o–10.
Registration and regulation of security-based
swap dealers and major security-based swap
participants.
78o–11.
Credit risk retention.
78p.
Directors,
officers,
and
principal
stock-
holders.
78q.
Records and reports.
78q–1.
National system for clearance and settlement
of securities transactions.
78q–2.
Automated quotation systems for penny
stocks.
78r.
Liability for misleading statements.
78s.
Registration, responsibilities, and oversight
of self-regulatory organizations.
78t.
Liability of controlling persons and persons
who aid and abet violations.
78t–1.
Liability to contemporaneous traders for in-
sider trading.
78u.
Investigations and actions.
78u–1.
Civil penalties for insider trading.
78u–2.
Civil remedies in administrative proceedings.
78u–3.
Cease-and-desist proceedings.
78u–4.
Private securities litigation.
78u–5.
Applic
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78a
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Federal law — U.S. Code and appendices · legal_authorities
Page 267
TITLE 45—RAILROADS
§ 1342
1 See References in Text note below.
1 So in original. Probably should be ‘‘on’’.
§ 1324. Certain enforcement relief
(a) Enforcement actions
The Secretary of Transportation, with respect
to any provision of section 1321 or 1322 of this
title, and any person who suffers direct and sub-
stantial economic injury as a result of an al-
leged violation by the Corporation, with respect
to the provisions of section 1321(a)(1) and (2) 1 of
this title, and section 1322 of this title, may
bring an action to require compliance with such
provision.
(b) Special court
Any action brought under this subchapter
shall be brought before the special court estab-
lished under section 719 of this title. Such spe-
cial court may limit the enforcement of a re-
striction under section 1321 of this title, if the
effect of such restriction would be to substan-
tially impair the continued viability of the Cor-
poration.
(Pub. L. 99–509, title IV, § 4025, Oct. 21, 1986, 100
Stat. 1905.)
Editorial Notes
REFERENCES IN TEXT
Section 1321(a)(2) of this title, referred to in subsec.
(a), was repealed by Pub. L. 101–213, § 2(b)(3), Dec. 11,
1989, 103 Stat. 1843.
Statutory Notes and Related Subsidiaries
ABOLITION OF SPECIAL COURT, REGIONAL RAIL REORGA-
NIZATION ACT OF 1973, AND TRANSFER OF FUNCTIONS
Special court abolished and all jurisdiction and func-
tions transferred to United States District Court for
District of Columbia, see section 719(b)(2) of this title.
PART C—MISCELLANEOUS PROVISIONS
§ 1341. Abolition of United States Railway Asso-
ciation
(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 associati
Source: Supplied 2024 U.S. Code historical extraction · 45 U.S.C. § 1342
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