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45 U.S.C. § 1115 — Redemption of stock

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

45 U.S.C. § 1115 — Redemption of stock

For the purpose of computing the amount for which certificates of value shall be redeemable under [section 746 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section746&num=0&edition=prelim), the series B preferred stock and the common stock conveyed to the Secretary under section 1107 11 See References in Text note below. of this title shall be deemed to be without fair market value unless in a proceeding brought under [section 1105(a)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1105/a/4&num=0&edition=prelim) the special court shall have determined that such securities had a value and shall have entered a judgment against the United States for that value. In such an event, the securities shall for purposes of [section 746 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section746&num=0&edition=prelim) be deemed to have that value found by the special court.

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Source location: Title 45, Chapter 20, § 1115; chapter-020-northeast-rail-service.md

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

45 U.S.C. § 743 — Valuation and conveyance of rail properties

**(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

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

45 U.S.C. § 746 — Certificates of value

**(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

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

45 U.S.C. § 1107 — Repealed. Pub. L. 99–509, title IV, § 4033(c)(1)(C)(i)(I), Oct. 21, 1986, 100 Stat. 1908

### Statutory Notes Section, Pub. L. 97–35, title XI, § 1154, Aug. 13, 1981, 95 Stat. 677, provided that no distribution of assets of Conrail could be made with respect to any claims of United States until all other valid claims against Conrail were satisfied or until arrangements had been made for their satisfaction.

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

45 U.S.C. § 1115 — Redemption of stock

Page 246 TITLE 45—RAILROADS § 1113 1 See References in Text note below. 1 See References in Text note below. for the requirement that such debt have higher priority in the event of bankruptcy, liquidation, or abandon- ment of the assets of Conrail than the debt described in par. (1). Subsec. (c)(3). Pub. L. 97–468, § 510(3), added par. (3). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1995 AMENDMENT Amendment by Pub. L. 104–88 effective Jan. 1, 1996, see section 2 of Pub. L. 104–88, set out as an Effective Date note under section 1301 of Title 49, Transpor- tation. ABOLITION OF INTERSTATE COMMERCE COMMISSION AND TRANSFER OF FUNCTIONS Interstate Commerce Commission abolished and func- tions of Commission transferred, except as otherwise provided in Pub. L. 104–88, to Surface Transportation Board effective Jan. 1, 1996, by section 1302 of Title 49, Transportation, and section 101 of Pub. L. 104–88, set out as a note under section 1301 of Title 49. References to Interstate Commerce Commission deemed to refer to Surface Transportation Board, a member or employee of the Board, or Secretary of Transportation, as appro- priate, see section 205 of Pub. L. 104–88, set out as a note under section 1301 of Title 49. § 1113. Intercity passenger service (a) Responsibility of Conrail to provide crews terminated; negotiations for employee trans- fers After January 1, 1983, Conrail shall be relieved of the responsibility to provide crews for inter- city passenger service on the Northeast Cor- ridor. Amtrak, Amtrak Commuter, and Conrail, and the employees with seniority in both freight and passenger service shall commence negotia- tions not later than 120 days after August 13, 1981, for the right of such employees to move from one service to the

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