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45 U.S.C. § 712 — Functions of Association
Federal law — U.S. Code and appendices · legal_authorities
**(a) General** The Association is authorized to—
(1) monitor the financial performance of the Corporation;
(2) review whether the goals and requirements of this chapter are met;
(3) purchase or otherwise acquire or receive, and hold and dispose of securities (whether debt or equity) of the Corporation under sections 726 and 727 of this title and exercise all of the rights, privileges, and powers of a holder of any such securities;
(4) purchase accounts receivable of the Corporation in accordance with [section 727 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section727&num=0&edition=prelim);
(5) appoint and fix the compensation of such personnel as the Association considers necessary and appropriate; and
(11) 11 So in original. Probably should be “(6)”. determine the value of the Alaska Railroad, as required by [section 1204 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1204&num=0&edition=prelim).
**(b) Investment of funds** Uncommitted funds of the Association shall be kept in cash on hand or on deposit, or invested in obligations of the United States or guaranteed thereby, or in obligations, participations, or other investments which are lawful investments for fiduciary, trust, or public funds.
**(c) Exemption from taxation** The Association, including its franchise, capital reserves, surplus, security holdings, and income shall be exempt from all taxation now or hereafter imposed by the United States, any commonwealth, territory, dependency, or possession thereof, or by any State or political subdivision thereof, except that any real property of the Association shall be subject to taxation to the same extent according to its value as other real property is taxed.
**(d) Report
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Stable record: federal_law:legal_authorities:record_usc_4f838afa52be922645b01693
Source file: Laws/federal/codes/united-states-code/title-45/section-712-functions-of-association--dd74113eb8.md
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Passage SHA-256: 46274dcdcfd9e55f25f9ea866fc64af5653d0957ace13a36e73a83a405c327aa
Source location: Title 45, Chapter 16, § 712; chapter-016-regional-rail-reorganization.md
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**(a) General** The Association is authorized to—
(1) monitor the financial performance of the Corporation;
(2) review whether the goals and requirements of this chapter are met;
(3) purchase or otherwise acquire or receive, and hold and dispose of securities (whether debt or equity) of the Corporation under sections 726 and 727 of this title and exercise all of the rights, privileges, and powers of a holder of any such securities;
(4) purchase accounts receivable of the Corporation in accordance with [section 727 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section727&num=0&edition=prelim);
(5) appoint and fix the compensation of such personnel as the Association considers necessary and appropriate; and
(11) 11 So in original. Probably should be “(6)”. determine the value of the Alaska Railroad, as required by [section 1204 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1204&num=0&edition=prelim).
**(b) Investment of funds** Uncommitted funds of the Association shall be kept in cash on hand or on deposit, or invested in obligations of the United States or guaranteed thereby, or in obligations, participations, or other investments which are lawful investments for fiduciary, trust, or public funds.
**(c) Exemption from taxation** The Association, including its franchise, capital reserves, surplus, security holdings, and income shall be exempt from all taxation now or hereafter imposed by the United States, any commonwealth, territory, dependency, or possession thereof, or by any State or political subdivision thereof, except that any real property of the Association shall be subject to taxation to the same extent according to its value as other real property is taxed.
**(d) Reports**
(1) 22 Par. “(1)” designation supplied editorially. The Association shall transmit to the Congress and the President, not later than 90 days after the end of each fiscal year, a comprehensive and detailed report on all activities of the Association during the preceding fiscal year. Each such report shall include (A) the Association’s statement of specific and detailed objectives for the activities and programs conducted and assisted under this chapter; (B) statements of the Association’s conclusions as to the effectiveness of such activities and programs in meeting the stated objectives and the purposes of this chapter, measured through the end of the preceding fiscal year; (C) recommendations with respect to any legislation or administrative action which the Association deems necessary or desirable; (D) a statistical compilation of the obligations issued, certificates of value issued, securities purchased, and loans made under this chapter; (E) a summary of outstanding problems confronting the Association, in order of priority; (F) all other information required to be submitted to the Congress pursuant to any other provision of this chapter; and (G) the Association’s projections and plans for its activities and programs during the next fiscal year.
(2) For the fiscal year beginning October 1, 1977, and ending September 30, 1978, the Association shall transmit to the Congress and the President, not later than 30 days after the end of each quarter of such fiscal year, a comprehensive and detailed report on all expenditures and use of funds during the preceding fiscal quarter, including an assessment of the status of projects for such preceding fiscal quarter and a projection of activities proposed for the next fiscal quarter.
(3) The Association shall transmit to the Congress, no later than 30 days after the end of each fiscal quarter, a report with respect to the proceedings before the special court to determine the valuation of rail properties conveyed to the Corporation under [section 743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743&num=0&edition=prelim). Each such report shall include—
(A) a detailed accounting of the Federal funds expended during such quarter in connection with such proceedings, and the purposes for which such funds were expended;
(B) an explanation of the status of such proceedings, including the prospects for settlement or conclusion; and
(C) an identification of which responsibilities in connection with such proceedings are being carried out directly by the Association, and which are being carried out by contract with private organizations.
**(e) Budget** The receipts and disbursements of the Association (other than administrative expenses referred to in subsection (g) 33 So in original. Subsec. (g) redesignated (f) by Pub. L. 97–35. of this section and receipts and disbursements under [section 726 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section726&num=0&edition=prelim) and [section 746 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section746&num=0&edition=prelim)) in the discharge of its functions shall not be included in the totals of the budget of the United States Government, and shall be exempt from any annual expenditure and net lending (budget outlays) limitations imposed on a budget of the United States Government. The Chairman of the Association shall transmit annually to the Congress a budget for program activities and for administrative expenses of the Association. The Chairman shall report annually to the Congress the amount of net lending of the Association, which would be included in the totals of the budgets of the United States Government, if the Association’s activities were not excluded from those totals as a result of this section.
**(f) Accountability** The Chairman of the Association shall transmit annually to the Office of Management and Budget a budget for administrative expenses of the Association. Whenever the Association submits any budget estimate or request to the Office of Management and Budget, it shall concurrently transmit a copy of the estimate or request to the Congress. Within budgetary constraints of the Congress, the maximum feasible and prudent budgetary flexibility shall be provided to the Association to permit effective operations.
**(g) Transfer of litigation** No later than March 1, 1980, the Association and the Attorney General of the United States shall develop and submit to the Congress a feasibility study for the transfer, to the appropriate department or agency of the Federal Government, of all responsibility for representing the United States in the proceedings before the special court to determine the valuation of rail properties conveyed to the Corporation under [section 743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743&num=0&edition=prelim).
**(h) Transfer of other functions** No later than March 1, 1980, the Association and the Secretary of Transportation shall develop and submit to the Congress a feasibility study for the transfer of all functions of the Association, other than those referred to in subsection (h) 44 So in original. Subsec. (h) redesignated (g) by Pub. L. 97–35. of this section, to the appropriate department or agency of the Federal Government, including the abolition of those functions which will no longer be necessary.
**(i) Monitoring of contractors** The Board of Directors of the Association shall adopt procedures to insure (1) that contractors, including law firms, provide reports containing written verification of tasks assigned, work performed, time worked, and costs incurred, including periodic status reports on work performed, (2) that such reports are audited by the Association, (3) that no funds are paid to contractors without written reports complying with the requirements of this subsection, and (4) that the Association applies such procedures uniformly to all contractors.
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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
**(a)**
(1) When requested by a committee of Congress having jurisdiction over receipts or appropriations, the President shall provide the committee with assistance and information.
(2) When requested by a committee of Congress, additional information related to the amount of an appropriation originally requested by an Office of Inspector General shall be submitted to the committee.
**(b)** When requested by a committee of Congress, by the Comptroller General, or by the Director of the Congressional Budget Office, the Secretary of the Treasury, the Director of the Office of Management and Budget, and the head of each executive agency shall—
(1) provide information on the location and kind of available fiscal, budget, and program information;
(2) to the extent practicable, prepare summary tables of that fiscal, budget, and program information and related information the committee, the Comptroller General, or the Director of the Congressional Budget Office considers necessary; and
(3) provide a program evaluation carried out or commissioned by an executive agency.
**(c)** In cooperation with the Director of the Congressional Budget Office, the Secretary, and the Director of the Office of Management and Budget, the Comptroller General shall—
(1) establish and maintain a current directory of sources of, and information systems for, fiscal, budget, and program information and a brief description of the contents of each source and system;
(2) when requested, provide assistance to committees of Congress and members of Congress in obtaining information from the sources in the directory; and
(3) when requested, provide assistance to committees and, to the extent practicable, to members of Congress in evaluating the information obtained from the sources in the directory
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 1113
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Deposit with court** Within 10 days after delivery of a certified copy of a final system plan pursuant to [section 719(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section719/c&num=0&edition=prelim)—
(1) the Corporation, in exchange for the rail properties of the railroads in reorganization in the region and of railroads leased, operated, or controlled by railroads in reorganization in the region to be transferred to the Corporation or any subsidiary thereof, shall deposit with the special court all of the stock and other securities of the Corporation and certificates of value issued by the Association designated in the final system plan to be exchanged for such rail properties;
(2) each profitable railroad operating in the region and each state or responsible person (including a government entity) purchasing rail properties from a railroad in reorganization in the region, or from a railroad leased, operated, or controlled by a railroad in reorganization in the region, as provided in the final system plan shall deposit with the special court the compensation to be paid for such rail properties.
**(b) Conveyance of rail properties**
(1) The special court shall, within 10 days after deposit under subsection (a) of this section of the securities of the Corporation, certificates of value issued by the Association, and compensation from the profitable railroads operating in the region, States, and responsible persons, order the trustee or trustees of each railroad in reorganization in the region to convey forthwith to the Corporation or any subsidiary thereof, the respective profitable railroads operating in the region, States, and responsible persons all right, title, and interest in the rail properties of such railroad in
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 743
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Joint report by Secretary and Governor of Alaska; contents, preparation, etc.** Within 6 months after January 14, 1983, the Secretary and the Governor of Alaska shall jointly prepare and deliver to the Congress of the United States and the legislature of the State a report that describes to the extent possible the rail properties of the Alaska Railroad, the liabilities and obligations to be assumed by the State, the sum of money, if any, in the Alaska Railroad Revolving Fund to be withheld from the State pursuant to section 1202(10)(C) 11 See Codification note below. of this title, and any personal property to be withheld pursuant to section 1202(10)(D) 1 of this title. The report shall separately identify by the best available descriptions (1) the rail properties of the Alaska Railroad to be transferred pursuant to section 1203(b)(1)(A), (B), and (D) of this title; (2) the rail properties to be subject to the license granted pursuant to [section 1203(b)(1)(C) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1203/b/1/C&num=0&edition=prelim); and (3) the easements to be reserved pursuant to [section 1203(c)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1203/c/2&num=0&edition=prelim). The Secretaries of Agriculture, Defense, and the Interior and the Administrator of the General Services Administration shall provide the Secretary with all information and assistance necessary to allow the Secretary to complete the report within the time required.
**(b) Inspection, etc., of rail properties and records; terms and conditions; restrictions** During the period from January 14, 1983, until the date of transfer, the State shall have the right to inspect, analyze, photograph, photocopy
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 1204
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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) General** The Association is authorized, in accordance with the provisions of this section, and such rules and regulations as it may prescribe, to invest from time to time in the securities of the Corporation by purchasing (1) up to $1,000,000,000 of debentures issued by the Corporation, and (2) after the acquisition of such debentures, up to $2,629,000,000 of the series A preferred stock of the Corporation.
**(b) Purposes and procedure for investment**
(1) The Association is authorized to purchase debentures and, thereafter, series A preferred stock of the Corporation at such times and in such amounts as may be required and requested by the Corporation in accordance with the terms and conditions governing such purchases (which shall be prescribed by the Association), to provide—
(A) for the modernization, rehabilitation and maintenance of rail properties of the Corporation;
(B) for the acquisition of equipment and other capital needs;
(C) for the refinancing of indebtedness which was incurred by the Corporation under [section 721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section721&num=0&edition=prelim) or which was incurred under [section 725 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section725&num=0&edition=prelim) and assumed by the Corporation; or
(D) working capital as contemplated by the final system plan.
(2) Purchases of up to $1,000,000,000 of debentures and, thereafter, of up to $2,300,000,000 of series A preferred stock shall be made by the Association as required and requested by the Corporation, unless the Finance Committee makes an affirmative finding that—
(A) the Corporation has failed in any material respect to comply with any covenants or undert
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 726
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General** On the date when the Corporation is required to deposit securities with the special court pursuant to [section 743(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/a/1&num=0&edition=prelim), the Association shall deposit with the special court the certificates of value of the Association required by this section. The Secretary shall guarantee the payment of all certificates of value delivered in accordance with this subchapter. All guarantees entered by the Secretary under this section shall constitute general obligations of the United States of America for the payment or redemption of which its full faith and credit are pledged. Such guarantees shall be valid and incontestable except as to mutual mistake of fact or as to fraud or material misrepresentation by the holder of such certificates or the transferor of rail properties to which certificates of value of any series so guaranteed are issued.
**(b) Number and distribution** A separate series of certificates of value shall be issued to each railroad in reorganization in the region and each person leased, operated, or controlled by such a railroad that transfers rail properties to the Corporation or a subsidiary thereof. The number of certificates of value of each series to be deposited pursuant to subsection (a) shall be equal to the number of shares of series B preferred stock of the Corporation which are required to be deposited by the Corporation with the special court, pursuant to [section 743(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/a/1&num=0&edition=prelim) in exchange for the rail properties transferred to the Corporation or a subsidiary thereof by such transferor. Certificates of v
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 746
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Antitrust**
(1) Except as specifically provided in paragraph (2) of this subsection, no provision of this chapter shall be deemed to convey to any railroad or employee or director thereof any immunity from civil or criminal liability, or to create defenses to actions, under the antitrust laws.
(2) The antitrust laws are inapplicable with respect to any action taken to formulate or implement the final system plan where such action was in compliance with the requirements of such plan and with respect to any action taken to formulate or implement any supplemental transaction.
(3) As used in this subsection, “antitrust laws” includes the Act of July 2, 1890 (ch. 647, 26 Stat. 209), as amended; the Act of October 15, 1914 (ch. 323, 38 Stat. 730), as amended; the Federal Trade Commission Act (38 Stat. 717), as amended [[15 U.S.C. 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section41&num=0&edition=prelim) et seq.], sections 73 and 74 of the Act of August 27, 1894 (28 Stat. 570), as amended [[15 U.S.C. 8](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section8&num=0&edition=prelim), 9]; the Act of June 19, 1936 (ch. 592, 49 Stat. 1526), as amended; and the antitrust laws of any State or subdivision thereof.
**(b) Commerce, securities, and bankruptcy**
(1) The provisions of subtitle IV of title 49 and the Bankruptcy Act, are inapplicable (A) to actions taken under this chapter to formulate and implement the final system plan where such action was in compliance with the requirements of such plan, and (B) to actions taken under this chapter to formulate or implement any supplemental transaction.
(2) All securities of the Corporation which are issued to the Association as the initial holder, or which are issued in conne
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 791
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Federal investment** In addition to the authority provided under [section 726 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section726&num=0&edition=prelim), the Association shall purchase shares of Series A preferred stock and accounts receivable of the Corporation after August 13, 1981, in amounts not to exceed a total of $137,000,000.
**(b) Accounts receivable**
(1) In any further purchase under this section or [section 726 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section726&num=0&edition=prelim) the Association shall purchase accounts receivable of the Corporation attributable to the dispute over the right-of-way related costs described in section 1111 11 See References in Text note below. of this title until the Commission resolves such dispute under such section, and accounts receivable of the Corporation attributable to delays in reimbursement from commuter authorities.
(2) From funds provided under this section or [section 726 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section726&num=0&edition=prelim), the Association shall purchase Series A preferred stock of the Corporation, to the extent of losses on commuter service, in an amount not to exceed $15,000,000.
**(c) States and localities** The Corporation shall be exempt from liability for any State tax, except for any tax imposed by any political subdivision of a State applicable to any taxable period commencing before January 1, 1987.
**(d) Debentures** The Association shall return debentures to the Corporation in an amount equal to the value of the properties conveyed by the Corporation to Amtrak Commuter and any commuter authority.
**(e) Rights retained** The Corporation shall
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 727
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Federal law — U.S. Code and appendices · legal_authorities
Page 160
TITLE 45—RAILROADS
§ 712
1 So in original. Probably should be ‘‘(6)’’.
2 Par. ‘‘(1)’’ designation supplied editorially.
retary of the Treasury, as the case may be’’ for ‘‘their
duly authorized representatives’’ after ‘‘at any time
through’’.
Pub. L. 94–210, § 603(b)(2), substituted ‘‘acting directly
or at any time through’’ for ‘‘or’’.
Subsec. (h). Pub. L. 94–555, § 211(c), struck out ‘‘The
Secretary and the Chairman of the Commission may
act in such capacity directly or at any time through
their duly authorized representatives’’ after ‘‘members
of the Board’’.
Pub. L. 94–210, § 603(b)(1), inserted provision author-
izing Secretary and Chairman to act directly or
through their duly authorized representatives.
Subsec. (i). Pub. L. 94–555, § 211(d), substituted ‘‘Dep-
uty Secretaries’’ for ‘‘duly authorized representatives’’
after ‘‘through their respective’’.
Pub. L. 94–210, § 603(a), added subsec. (i). Former sub-
sec. (i) redesignated (j).
Subsec. (j). Pub. L. 94–210, §§ 603(a), 607(a), redesig-
nated former subsec. (i) as (j) and added par. (4).
Former subsec. (j) redesignated (k).
Subsec. (j)(4). Pub. L. 94–555, § 211(e), inserted ‘‘who
is’’ after ‘‘Treasury or the person’’ and ‘‘Commission or
the person’’, and substituted ‘‘in his absence, the Dep-
uty Secretary of the Treasury’’ for ‘‘the duly author-
ized representatives of either of them’’ after ‘‘Treasury
in accordance with law’’.
Subsec. (k). Pub. L. 94–210, §§ 603(a), 612(j)(2), redesig-
nated former subsec. (j) as (k), substituted ‘‘this provi-
sion’’ for ‘‘these provisions’’, and struck out ‘‘or the
Corporation’’ after ‘‘Association’’ in two places and
provisions relating to use of ‘‘Consolidated Rail Cor-
poration’’ as a name for any business purpose.
Statutory Notes and Re
Source: Supplied 2024 U.S. Code historical extraction · 45 U.S.C. § 712
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