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49 U.S.C. § 11328 — Restrictions on officers and directors
Federal law — U.S. Code and appendices · legal_authorities
**(a)** A person may hold the position of officer or director of more than one rail carrier only when authorized by the Board. The Board may authorize a person to hold the position of officer or director of more than one of those carriers when public or private interests will not be adversely affected.
**(b)** This section shall not apply to an individual holding the position of officer or director only of Class III rail carriers.
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Source file: Laws/federal/codes/united-states-code/title-49/section-11328-restrictions-on-officers-and-directors--3369c84918.md
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Source location: Title 49, Chapter 113, § 11328; chapter-113-finance.md
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**(a)** A person may hold the position of officer or director of more than one rail carrier only when authorized by the Board. The Board may authorize a person to hold the position of officer or director of more than one of those carriers when public or private interests will not be adversely affected.
**(b)** This section shall not apply to an individual holding the position of officer or director only of Class III rail carriers.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** A rail carrier providing transportation subject to the jurisdiction of the Board under this part may not agree or combine with another of those rail carriers to pool or divide traffic or services or any part of their earnings without the approval of the Board under this section or [section 11123 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title49-section11123&num=0&edition=prelim). The Board may approve and authorize the agreement or combination if the rail carriers involved assent to the pooling or division and the Board finds that a pooling or division of traffic, services, or earnings—
(1) will be in the interest of better service to the public or of economy of operation; and
(2) will not unreasonably restrain competition.
**(b)** The Board may impose conditions governing the pooling or division and may approve and authorize payment of a reasonable consideration between the rail carriers.
**(c)** The Board may begin a proceeding under this section on its own initiative or on application.
Source: Supplied U.S. Code snapshot — release unconfirmed · 49 U.S.C. § 11322
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Board shall publish notice of the application under section 11324 in the Federal Register by the end of the 30th day after the application is filed with the Board. However, if the application is incomplete, the Board shall reject it by the end of that period. The order of rejection is a final action of the Board. The published notice shall indicate whether the application involves—
(1) the merger or control of at least two Class I railroads, as defined by the Board, to be decided within the time limits specified in subsection (b) of this section;
(2) transactions of regional or national transportation significance, to be decided within the time limits specified in subsection (c) of this section; or
(3) any other transaction covered by this section, to be decided within the time limits specified in subsection (d) of this section.
**(b)** If the application involves the merger or control of two or more Class I railroads, as defined by the Board, the following conditions apply:
(1) Written comments about an application may be filed with the Board within 45 days after notice of the application is published under subsection (a) of this section. Copies of such comments shall be served on the Attorney General and the Secretary of Transportation, who may decide to intervene as a party to the proceeding. That decision must be made by the 15th day after the date of receipt of the written comments, and if the decision is to intervene, preliminary comments about the application must be sent to the Board by the end of the 15th day after the date of receipt of the written comments.
(2) The Board shall require that applications inconsistent with an application, notice of which was published under subsection (a) of this section, and applications for inclusion in the t
Source: Supplied U.S. Code snapshot — release unconfirmed · 49 U.S.C. § 11325
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Except as otherwise provided in this section, when approval is sought for a transaction under sections 11324 and 11325 of this title, the Board shall require the rail carrier to provide a fair arrangement at least as protective of the interests of employees who are affected by the transaction as the terms imposed under section 5(2)(f) of the Interstate Commerce Act before February 5, 1976, and the terms established under section 24706(c) 11 See References in Text note below. of this title. Notwithstanding this part, the arrangement may be made by the rail carrier and the authorized representative of its employees. The arrangement and the order approving the transaction must require that the employees of the affected rail carrier will not be in a worse position related to their employment as a result of the transaction during the 4 years following the effective date of the final action of the Board (or if an employee was employed for a lesser period of time by the rail carrier before the action became effective, for that lesser period).
**(b)** When approval is sought under sections 11324 and 11325 for a transaction involving one Class II and one or more Class III rail carriers, there shall be an arrangement as required under subsection (a) of this section, except that such arrangement shall be limited to one year of severance pay, which shall not exceed the amount of earnings from the railroad employment of that employee during the 12-month period immediately preceding the date on which the application for approval of such transaction is filed with the Board. The amount of such severance pay shall be reduced by the amount of earnings from railroad employment of that employee with the acquiring carrier during the 12-month period immediately following the effecti
Source: Supplied U.S. Code snapshot — release unconfirmed · 49 U.S.C. § 11326
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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
**(a) Approval Required.—** The following transactions involving motor carriers of passengers subject to jurisdiction under subchapter I of chapter 135 may be carried out only with the approval of the Board:
(1) Consolidation or merger of the properties or franchises of at least 2 carriers into one operation for the ownership, management, and operation of the previously separately owned properties.
(2) A purchase, lease, or contract to operate property of another carrier by any number of carriers.
(3) Acquisition of control of a carrier by any number of carriers.
(4) Acquisition of control of at least 2 carriers by a person that is not a carrier.
(5) Acquisition of control of a carrier by a person that is not a carrier but that controls any number of carriers.
**(b) Standard for Approval.—** The Board shall approve and authorize a transaction under this section when it finds the transaction is consistent with the public interest. The Board shall consider at least the following:
(1) The effect of the proposed transaction on the adequacy of transportation to the public.
(2) The total fixed charges that result from the proposed transaction.
(3) The interest of carrier employees affected by the proposed transaction.
The Board may impose conditions governing the transaction.
**(c) Determination of Completeness of Application.—** Within 30 days after the date on which an application is filed under this section, the Board shall either publish a notice of the application in the Federal Register or reject the application if it is incomplete.
**(d) Comments.—** Written comments about an application may be filed with the Board within 45 days after the date on which notice of the application is published under subsection (c).
**(e) Deadlines.—** The Board shall conclude
Source: Supplied U.S. Code snapshot — release unconfirmed · 49 U.S.C. § 14303
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Federal law — U.S. Code and appendices · legal_authorities
Page 454
TITLE 49—TRANSPORTATION
§ 11328
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective Jan. 1, 1996, except as otherwise pro-
vided in Pub. L. 104–88, see section 2 of Pub. L. 104–88,
set out as a note under section 1301 of this title.
§ 11328. Restrictions on officers and directors
(a) A person may hold the position of officer or
director of more than one rail carrier only when
authorized by the Board. The Board may author-
ize a person to hold the position of officer or di-
rector of more than one of those carriers when
public or private interests will not be adversely
affected.
(b) This section shall not apply to an indi-
vidual holding the position of officer or director
only of Class III rail carriers.
(Added Pub. L. 104–88, title I, § 102(a), Dec. 29,
1995, 109 Stat. 843.)
Editorial Notes
PRIOR PROVISIONS
Provisions similar to those in this section were con-
tained in section 11322 of this title prior to the general
amendment of this subtitle by Pub. L. 104–88, § 102(a).
Prior sections 11341 to 11351 and 11361 to 11367 were
omitted in the general amendment of this subtitle by
Pub. L. 104–88, § 102(a).
Section 11341, Pub. L. 95–473, Oct. 17, 1978, 92 Stat.
1434; Pub. L. 97–261, § 21(a), Sept. 20, 1982, 96 Stat. 1122,
related to exclusive authority of Interstate Commerce
Commission under former sections 11341 to 11351 of this
title. See sections 11321, 14302, and 14303 of this title.
Section 11342, Pub. L. 95–473, Oct. 17, 1978, 92 Stat.
1434; Pub. L. 96–296, § 20, July 1, 1980, 94 Stat. 811; Pub.
L. 96–454, § 5(c), Oct. 15, 1980, 94 Stat. 2014, related to
limitation on pooling and division of transportation or
earnings. See sections 11322 and 14302 of this title.
Section 11343, Pub. L. 95–473, Oct. 17, 1978,
Source: Supplied 2024 U.S. Code historical extraction · 49 U.S.C. § 11328
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.