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

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

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

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Stable record: federal_law:legal_authorities:record_usc_9185546d94ac04605d6d501f
Source file: Laws/federal/codes/united-states-code/title-45/section-746-certificates-of-value--9278758b23.md
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Source location: Title 45, Chapter 16, § 746; chapter-016-regional-rail-reorganization.md

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**(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 value of the appropriate series shall be distributed by the special court, pursuant to [section 743(c)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/c/4&num=0&edition=prelim), at the same time to the same transferors, and in the same numbers of units as shares of such series B preferred stock are distributed to such transferor. **(c) Redemption** (1) Certificates of value, of any series, shall be redeemed by the Association on December 31, 1987, or on such earlier date as the Board of Directors of the Association and the Finance Committee jointly may determine and specify. (2) Each certificate of value of each series shall be redeemable for an amount, payable in cash, equal to its base value on the redemption date, minus— (A) the sum of the fair market value of the series B preferred stock applicable to such certificate, the fair market value of the common stock applicable to such certificate, and all cash dividends theretofore paid on any such series B preferred stock and on any such common stock; and (B) any sums paid to a transferor of rail properties to whom such series of certificates of value was issued resulting from sales or leases by the Corporation of properties transferred to it by such transferor divided by the number of certificates of value distributed to such transferor. (3) The number of shares of series B preferred stock and common stock applicable to each certificate of value of any series, pursuant to paragraph (2) of this subsection, shall be— (A) one share of series B preferred stock (adjusted to reflect any stock splits, stock combinations, reclassifications or similar transactions affecting the number of shares of outstanding series B preferred stock following the date of distribution pursuant to [section 743(c)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/c/4&num=0&edition=prelim)); and (B) the number of shares of common stock determined by dividing the total number of shares of common stock distributed pursuant to [section 743(c)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/c/4&num=0&edition=prelim) to the transferor receiving such series of certificates of value (adjusted to reflect any stock splits, stock combinations, reclassifications, or similar transactions affecting the number of shares of outstanding common stock following the date of distribution pursuant to [section 743(c)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/c/4&num=0&edition=prelim)) by the total number of certificates of value in the series so distributed to such transferor. (4) The base value of each certificate of value of any series shall be the value obtained by (A) taking the net liquidation value, as determined by the special court, to which the transferor to whom such series of certificates of value is issued is entitled by virtue of transfers of rail properties, under [section 743(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/b/1&num=0&edition=prelim) to the Corporation or a subsidiary thereof; (B) subtracting the value of other benefits provided under this chapter, as determined by the special court; (C) adding such amount, if any, as the special court may determine shall be required after taking into consideration compensable unconstitutional erosion, if any, in the estate of a railroad in reorganization, or of a railroad leased, operated, or controlled by such a railroad, which the special court finds to have occurred during any bankruptcy proceeding with respect to such railroad; (D) adding interest from the transfer date to the redemption date to be compounded annually at a rate of 8 percent per annum; and (E) dividing the resulting value by the number of certificates of value of such series distributed to such transferor. In determining such base value, the special court shall give due weight and consideration to the finding of the Association as to the net liquidation value to which each transferor is entitled by virtue of conveyances of rail properties under [section 743(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/b/1&num=0&edition=prelim). For purposes of this paragraph, the term “rail properties” includes all rights with respect to employee benefit plans transferred and assigned to the Corporation pursuant to [section 743(b)(6) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section743/b/6&num=0&edition=prelim). Net liquidation value with respect to such rights shall be determined after taking into account all obligations finally transferred or assigned to the Corporation pursuant to such section. (5) The fair market value of series B preferred stock and of common stock of the Corporation shall be determined in accordance with regulations prescribed by the Association, on the basis of the average price of each such security in the primary established market in which such securities are traded over a period of 120 consecutive trading days ending not less than 20 nor more than 40 trading days preceding the redemption date, or, in the case of a security for which there is not an established trading market, on the basis of the fair market value thereof as determined by the majority vote of three experts in the valuation of securities, one to be selected by the Association, one to be selected by the directors of the Corporation elected by the holders of the security to be valued, and one to be selected by the two first selected. **(d) Authorization of appropriations** There are authorized to be appropriated to the Secretary such sums as are necessary to discharge the obligations of the United States arising under this section.

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

45 U.S.C. § 791 — Relationship to other laws

**(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

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

45 U.S.C. § 720 — Obligations of Association

**(a) General** To carry out the purposes of this chapter, the Association is authorized to issue bonds, debentures, trust certificates, securities, or other obligations (herein cited as “obligations”) in accordance with this section. Such obligations shall have such maturities and bear such rate or rates of interest as are determined by the Association with the approval of the Secretary of the Treasury. Such obligations shall be redeemable at the option of the Association prior to maturity in the manner stipulated in each such obligation, and may be purchased by the Association in the open market at a price which is reasonable. **(b) Maximum obligational authority** The aggregate principal amount (exclusive of interest or additions to principal on account of accrual of interest) of obligations issued by the Association under this section which may be outstanding at any one time shall not exceed $395,000,000. No obligations or proceeds thereof shall be issued or made available after February 5, 1976, except— (1) to meet existing or potential commitments for loans under [section 721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section721&num=0&edition=prelim) made or applied for prior to January 1, 1976; and (2) for the purpose of providing loans pursuant to subsections (g) and (h) of [section 721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section721&num=0&edition=prelim). **(c) Guarantees** The Secretary shall guarantee the payment of principal and interest on all obligations issued by the Association in accordance with this chapter and which the Association requests be guaranteed. All guarantees entered into by the Secretary under this section shall constitute general obligations of the

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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

Page 207 TITLE 45—RAILROADS § 746 RAIL ABANDONMENT AND DISCONTINUANCE OF SERVICE REPORT Pub. L. 94–210, title IX, § 904, Feb. 5, 1976, 90 Stat. 148, directed Secretary to submit to Congress, within nine- ty days of Feb. 5, 1976, a report on anticipated effect of any abandonment of lines of railroad and any discontinuances of rail service in States outside the re- gion as defined in section 702 of this title, prior to re- peal by Pub. L. 103–272, § 7(b), July 5, 1994, 108 Stat. 1379. § 746. Certificates of value (a) General On the date when the Corporation is required to deposit securities with the special court pur- suant to section 743(a)(1) of this title, the Asso- ciation 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 guaran- tees entered by the Secretary under this section shall constitute general obligations of the United States of America for the payment or re- demption of which its full faith and credit are pledged. Such guarantees shall be valid and in- contestable 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 sub- section (a) shal

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