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45 U.S.C. § 1322 — Ownership limitations
Federal law — U.S. Code and appendices · legal_authorities
**(a) General**
(1) During a period of 3 years beginning on the sale date, no person, directly or indirectly, may acquire or hold securities representing more than 10 percent of the total votes of all outstanding voting securities of the Corporation.
(2) This subsection shall not apply—
(A) to the employee stock ownership plan (or successor plans) of the Corporation,
(B) to the Secretary of Transportation,
(C) to a railroad as described under subsection (b),
(D) to underwriting syndicates holding shares for resale, or
(E) in the case of shares beneficially held for others, to commercial banks, broker-dealers, clearing corporations, or other nominees.
**(b) Railroads**
(1) During a period of 1 year beginning on the sale date, no railroad may purchase or hold, directly or indirectly, more than 10 percent of any class of stock of the Corporation. During such period, no railroad may file an application with the Commission for a merger or consolidation with the Corporation or the acquisition of control of the Corporation under section 11344 11 See References in Text note below. of title 49.
(2) During a period of 3 years beginning on the sale date, any railroad which purchases or holds any stock of the Corporation shall vote such stock in the same proportion as all other common stock of the Corporation is voted. After the expiration of 1 year after the sale date, the preceding sentence shall not apply to any railroad with respect to which the Commission has approved an application for a merger or consolidation with the Corporation or the acquisition of control of the Corporation under section 11344 1 of title 49.
(3) As used in this subsection, the term “railroad” means a class I railroad as determined by the Commission under the definition in effect on
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Source file: Laws/federal/codes/united-states-code/title-45/section-1322-ownership-limitations--c11bc76f2f.md
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Source location: Title 45, Chapter 22, § 1322; chapter-022-conrail-privatization.md
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**(a) General**
(1) During a period of 3 years beginning on the sale date, no person, directly or indirectly, may acquire or hold securities representing more than 10 percent of the total votes of all outstanding voting securities of the Corporation.
(2) This subsection shall not apply—
(A) to the employee stock ownership plan (or successor plans) of the Corporation,
(B) to the Secretary of Transportation,
(C) to a railroad as described under subsection (b),
(D) to underwriting syndicates holding shares for resale, or
(E) in the case of shares beneficially held for others, to commercial banks, broker-dealers, clearing corporations, or other nominees.
**(b) Railroads**
(1) During a period of 1 year beginning on the sale date, no railroad may purchase or hold, directly or indirectly, more than 10 percent of any class of stock of the Corporation. During such period, no railroad may file an application with the Commission for a merger or consolidation with the Corporation or the acquisition of control of the Corporation under section 11344 11 See References in Text note below. of title 49.
(2) During a period of 3 years beginning on the sale date, any railroad which purchases or holds any stock of the Corporation shall vote such stock in the same proportion as all other common stock of the Corporation is voted. After the expiration of 1 year after the sale date, the preceding sentence shall not apply to any railroad with respect to which the Commission has approved an application for a merger or consolidation with the Corporation or the acquisition of control of the Corporation under section 11344 1 of title 49.
(3) As used in this subsection, the term “railroad” means a class I railroad as determined by the Commission under the definition in effect on October 21, 1986, and includes any entity controlling, controlled by, or under common control with any railroad (other than the Corporation or its subsidiaries).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment.—** The Surface Transportation Board is an independent establishment of the United States Government.
**(b) Membership.—**
(1) The Board shall consist of 5 members, to be appointed by the President, by and with the advice and consent of the Senate. Not more than 3 members may be appointed from the same political party.
(2) At all times—
(A) at least 3 members of the Board shall be individuals with professional standing and demonstrated knowledge in the fields of transportation, transportation regulation, or economic regulation; and
(B) at least 2 members shall be individuals with professional or business experience (including agriculture) in the private sector.
(3) The term of each member of the Board shall be 5 years and shall begin when the term of the predecessor of that member ends. An individual appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of that individual was appointed, shall be appointed for the remainder of that term. When the term of office of a member ends, the member may continue to serve until a successor is appointed and qualified, but for a period not to exceed one year. The President may remove a member for inefficiency, neglect of duty, or malfeasance in office.
(4) No individual may serve as a member of the Board for more than 2 terms. In the case of an individual appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of that individual was appointed, such individual may not be appointed for more than one additional term.
(5) A member of the Board may not have a pecuniary interest in, hold an official relation to, or own stock in or bonds of, a carrier providing transportation by any mode and may not engage in another busines
Source: Supplied U.S. Code snapshot — release unconfirmed · 49 U.S.C. § 1301
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Federal law — U.S. Code and appendices · legal_authorities
Except as otherwise provided in the ICC Termination Act of 1995, or the amendments made thereby, the Board shall perform all functions that, immediately before January 1, 1996, were functions of the Interstate Commerce Commission or were performed by any officer or employee of the Interstate Commerce Commission in the capacity as such officer or employee.
Source: Supplied U.S. Code snapshot — release unconfirmed · 49 U.S.C. § 1302
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Federal law — U.S. Code and appendices · legal_authorities
**(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 substantial economic injury as a result of an alleged violation by the Corporation, with respect to the provisions of section 1321(a)(1) and (2) 11 See References in Text note below. of this title, and [section 1322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1322&num=0&edition=prelim), 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 established under [section 719 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section719&num=0&edition=prelim). Such special court may limit the enforcement of a restriction under [section 1321 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section1321&num=0&edition=prelim), if the effect of such restriction would be to substantially impair the continued viability of the Corporation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 1324
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Federal law — U.S. Code and appendices · legal_authorities
Page 265
TITLE 45—RAILROADS
§ 1323
1 See References in Text note below.
(b) Compliance certificates
(1) Within 90 days after the close of each of its
fiscal years, or at the time its financial state-
ments have been audited, whichever occurs
later, the Corporation shall deliver to the Sec-
retary of Transportation a certificate executed
by an executive officer of the Corporation. Such
certificate shall certify that, as of such date, the
Corporation is in compliance with all require-
ments (other than the requirement regarding a
common stock dividend or a preferred stock div-
idend) set forth in this section. Such certificate
shall include audited consolidated financial
statements.
(2) Within 5 days after the declaration of any
common stock dividend or preferred stock divi-
dend, the Corporation shall deliver to the Sec-
retary of Transportation a certificate executed
by an executive officer of the Corporation. Such
certificate shall certify that, after giving effect
to any such dividend, the Corporation shall be in
compliance with any requirement regarding a
common stock dividend or a preferred stock div-
idend set forth in this section. Such certificate
shall include—
(A) quarterly financial statements; and
(B) a report of the Corporation’s total cap-
ital expenditures,
for the period with respect to which the dividend
has been declared, and the fiscal year to date,
and shall compare such capital expenditures to
the budgeted capital expenditures and to the
capital expenditures during the comparable peri-
ods of the previous fiscal year.
(Pub. L. 99–509, title IV, § 4021, Oct. 21, 1986, 100
Stat. 1898; Pub. L. 101–213, § 2(b)(3), Dec. 11, 1989,
103 Stat. 1843.)
Editorial Notes
AMENDMENTS
1989—Subsec. (a)(2). Pub. L. 101–213 struck out par. (2
Source: Supplied 2024 U.S. Code historical extraction · 45 U.S.C. § 1322
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