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45 U.S.C. § 1341 — Abolition of United States Railway Association

Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 1341 — Abolition of United States Railway Association

**(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

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Source file: Laws/federal/codes/united-states-code/title-45/section-1341-abolition-of-united-states-railway-association--e05283b2c1.md
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Source location: Title 45, Chapter 22, § 1341; chapter-022-conrail-privatization.md

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 701 — Congressional declaration of policy

**(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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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 354 — Exchanges of stock and securities in certain reorganizations

**(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

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26 U.S.C. § 358 — Basis to distributees

**(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

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 9101 — Definitions

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.

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 1103 — Goals and objectives

It is the goal of this subtitle to provide Conrail the opportunity to become profitable through the achievement of the following objectives: (1) **Nonagreement personnel** (A) Employees who are not subject to collective bargaining agreements (hereafter in this section referred to as “nonagreement personnel”) should forego wage increases and benefits in an amount proportionately equivalent to the amount foregone by agreement employees pursuant to paragraph (4) of this section, adjusted annually to reflect inflation. (B) After May 1, 1981, the number of nonagreement personnel should be reduced proportionately to any reduction in agreement employees (excluding reductions pursuant to the termination program under [section 797a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section797a&num=0&edition=prelim)). (2) **Suppliers** — To facilitate the orderly movement of goods in interstate commerce, materials and services should continue to be available to Conrail, under normal business practices, including the provision of credit and normal financing arrangements. (3) **Shippers** — Conrail should utilize the revenue opportunities available to it under the Staggers Rail Act of 1980 and subtitle IV of title 49. (4) **Agreement employees** (A) Conrail should enter into collective bargaining agreements with its employees which would reduce Conrail’s costs in an amount equal to $200,000,000 a year, beginning April 1, 1981, adjusted annually to reflect inflation. (B) Agreements under this subparagraph may provide for reductions in wage increases and for changes in fringe benefits common to agreement employees, including vacations and holidays. (C) The cost reductions required under this subparagraph in the first year of the agr

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 1105 — Judicial review

**(a) Special court; exclusive jurisdiction for civil actions** Notwithstanding any other provision of law, the special court shall have original and exclusive jurisdiction over any civil action— (1) for injunctive, declaratory, or other relief relating to the enforcement, operation, execution, or interpretation of any provision of or amendment made by this subtitle or part 2 of the Conrail Privatization Act [[45 U.S.C. 1311](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1311&num=0&edition=prelim) et seq.], or administrative action taken thereunder to the extent such action is subject to judicial review; (2) challenging the constitutionality of any provision of or amendment made by this subtitle or part 2 of the Conrail Privatization Act [[45 U.S.C. 1311](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1311&num=0&edition=prelim) et seq.]; (3) to obtain, inspect, copy, or review any document in the possession or control of the Secretary, Conrail, the United States Railway Association, or Amtrak that would be discoverable in litigation under any provision of or amendment made by this subtitle or part 2 of the Conrail Privatization Act [[45 U.S.C. 1311](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1311&num=0&edition=prelim) et seq.]; or (4) seeking judgment upon any claim against the United States founded upon the Constitution and resulting from the operation of any provision of or amendment made by this subtitle or part 2 of the Conrail Privatization Act [[45 U.S.C. 1311](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1311&num=0&edition=prelim) et seq.]. **(b) Appeal** An order or judgment of the United States District Court for the District of Columb

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 1204 — Transition period

**(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

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 702 — Definitions

As used in this chapter, unless the context otherwise requires— (1) “Association” means the United States Railway Association, established under [section 711 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section711&num=0&edition=prelim); (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) “Corporation” means the Consolidated Rail Corporation required to be established under [section 741 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section741&num=0&edition=prelim) or its successor by merger, consolidation or other form of succession carried out under applicable law for the purpose of changing the State of its incorporation; (6) “effective date of the final system plan” means the date on which the final system plan or any revised final system plan

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 711 — Formation and structure

**(a) Establishment** There is established, in accordance with the provisions of this section, an incorporated nonprofit association to be known as the United States Railway Association. **(b) Administration** The Association shall be directed by a Board of Directors. The individuals designated, pursuant to subsection (d)(2) of this section, as the Government members of such Board shall be deemed the incorporators of the Association and shall take whatever steps are necessary to establish the Association, including filing of articles of incorporation, and serving as an acting Board of Directors for a period of not more than 45 days after the date of incorporation of the Association. **(c) Status** The Association shall be a government corporation of the District of Columbia subject, to the extent not inconsistent with this subchapter, to the District of Columbia Nonprofit Corporation Act. Except as otherwise provided, employees of the Association shall not be deemed employees of the Federal Government. The Association shall have succession until dissolved by Act of Congress, shall maintain its principal office in the District of Columbia, and shall be deemed to be a resident of the District of Columbia with respect to venue in any legal proceeding. **(d) Board of Directors** (1) The Board of Directors of the Association shall consist of five individuals, as follows: (A) The Chairman, who shall be the individual serving as Chairman on August 13, 1981, until the expiration of his term of office or his resignation, or his replacement, who shall be selected by the outgoing Chairman and the other members of the Board. (B) The Secretary of Transportation. (C) The Comptroller General of the United States. (D) The Chairman of the Commission. (E) The Chairman

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Federal law — U.S. Code and appendices · legal_authorities

45 U.S.C. § 712 — Functions of Association

**(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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