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 other once each six- month period. Such agreement shall ensure that Conrail, Amtrak, and Amtrak Commuter have the right to furlough one employee in the same class or craft for each employee who returns through the exercise of seniority rights. If agreement is not reached within 360 days, such matter shall be submitted to binding arbitra- tion. (b) Eligibility of employees for employee protec- tion benefits Conrail employees who are deprived of em- ployment by an assumption or discontinuance of intercity passenger service by Amtrak shall be eligible for employee protection benefits under section 797 1 of this title, notwithstanding any other provision of law, agreement, or arrange- ment, and notwithstanding the inability of such employees otherwise to meet the eligibility re- quirements of such section. Such protection shall be the exclusive protection applicable to Conrail employees deprived of employment or adversely affected by any such assumption or discontinuance. (Pub. L. 97–35, title XI, § 1165, Aug. 13, 1981, 95 Stat. 686; Pub. L. 97–468, title V, § 505(a), Jan. 14, 1983, 96 Stat. 2553.) Editorial Notes REFERENCES IN TEXT Section 797 of this title, referred to in subsec. (b), was repealed by Pub. L. 99–509, title IV, § 4024(c), Oct. 21, 1986, 100 Stat. 1904, effective on the sale date (Apr. 2, 1987). CODIFICATION ‘‘August 13, 1981’’, referred to in subsec. (a), was in the original ‘‘the date of the enactment’’, which was editorially translated as the date of the enactment of this section, as the probable intent of Congress. AMENDMENTS 1983—Pub. L. 97–468, § 505(a), designated existing pro- visions as subsec. (a) and added subsec. (b). Statutory Notes and Related Subsidiaries CONRAIL EMPLOYEES ELIGIBLE FOR EMPLOYEE PROTEC- TION BENEFITS UNDER REGIONAL RAIL REORGANIZA- TION ACT OF 1973 Pub. L. 97–377, title I, § 137, Dec. 21, 1982, 96 Stat. 1915, provided that: ‘‘Conrail employees who are deprived of employment by assumption or discontinuance of inter- city passenger service by Amtrak shall hereafter be eli- gible for employee protection benefits under section 701 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 797), notwithstanding any other provision of law, agreement, or arrangement, and notwithstanding the inability of such employees otherwise to meet the eligi- bility requirements of such section. Such protection shall be the exclusive protection applicable to Conrail employees deprived of employment or adversely af- fected by any such assumption or discontinuance.’’ § 1114. Repealed. Pub. L. 99–509, title IV, § 4033(c)(1)(C)(i)(III), Oct. 21, 1986, 100 Stat. 1908 Section, Pub. L. 97–35, title XI, § 1166, Aug. 13, 1981, 95 Stat. 686, related to grant of trackage rights to any ter- minal railroad operating primarily in Philadelphia. § 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, the series B pre- ferred stock and the common stock conveyed to the Secretary under section 1107 1 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 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 sec- tion 746 of this title be deemed to have that value found by the special court. (Pub. L. 97–35, title XI, § 1167(b), Aug. 13, 1981, 95 Stat. 686.) Editorial Notes REFERENCES IN TEXT Section 1107 of this title, referred to in text, was re- pealed by Pub. L. 99–509, title IV, § 4033(c)(1)(C)(i)(I), Oct. 21, 1986, 100 Stat. 1908. CODIFICATION Section is comprised of subsec. (b) of section 1167 of Pub. L. 97–35. Subsec. (a) of section 1167 amended sec- Page 247 TITLE 45—RAILROADS § 1201 1 See References in Text note below. tion 743 of this title. Subsec. (c) of section 1167, which was set out as subsec. (b) of this section and which pro- vided that the clerk of the special court convey to the Secretary certain series B preferred stock and common stock of Conrail on deposit with the court, and author- ized the Secretary to hold and exercise all rights to such Conrail securities, was repealed by Pub. L. 99–509, title IV, § 4033(c)(1)(C)(i)(IV), Oct. 21, 1986, 100 Stat. 1908. § 1116. Applicability of other laws (a) The provisions of chapters 5 and 7 of title 5 (popularly known as the Administrative Proce- dure Act and including provisions popularly known as the Government in the Sunshine Act), chapter 10 of title 5, section 102(2)(C) of the Na- tional Environmental Policy Act of 1969 [42 U.S.C. 4332(2)(C)], division A of subtitle III of title 54, and section 303 of title 49 are inappli- cable to actions taken in negotiating, approv- ing, or implementing service transfers under title IV of the Regional Rail Reorganization Act of 1973 [45 U.S.C. 761 et seq.] 1 and to the imple- mentation of the sale of the interest of the United States in Conrail under the Conrail Pri- vatization Act [45 U.S.C. 1301 et seq.]. (b) The operation of trains by Conrail shall not be subject to the requirement of any State or local law which specifies the minimum num- ber of crew members who must be employed in connection with the operation of such trains. (Pub. L. 97–35, title XI, § 1168, Aug. 13, 1981, 95 Stat. 687; Pub. L. 99–509, title IV, § 4033(c)(1)(B), Oct. 21, 1986, 100 Stat. 1908; Pub. L. 113–287, § 5(m)(1), Dec. 19, 2014, 128 Stat. 3271; Pub. L. 117–286, § 4(a)(288), Dec. 27, 2022, 136 Stat. 4337.) Editorial Notes REFERENCES IN TEXT The Administrative Procedure Act, referred to in sub- sec. (a), is act June 11, 1946, ch. 324, 60 Stat. 237, which was classified to sections 1001 to 1011 of former title 5 and which was repealed and reenacted as subchapter II (§ 551 et seq.) of chapter 5, and chapter 7 (§ 701 et seq.), of Title 5, Government Organization and Employees, by Pub. L. 89–554, Sept. 6, 1966, 80 Stat. 378. The Government in the Sunshine Act, referred to in subsec. (a), is Pub. L. 94–409, Sept. 13, 1976, 90 Stat. 1241, which enacted section 552b of Title 5, amended sections 551, 552, 556, and 557 of Title 5, section 10 of Pub. L. 92–463, formerly set out in the Appendix to Title 5, and section 410 of Title 39, Postal Service, and enacted pro- visions set out as notes under section 552b of Title 5. For complete classification of this Act to the Code, see Short Title of 1976 Amendment note set out under sec- tion 552b of Title 5 and Tables. The Regional Rail Reorganization Act of 1973, re- ferred to in subsec. (a), is Pub. L. 93–236, Jan. 2, 1974, 87 Stat. 985. Title IV of the Regional Rail Reorganization Act of 1973 was classified generally to subchapter IV (§ 761 et seq.) of chapter 16 of this title, and was re- pealed by Pub. L. 99–509, title IV, § 4033(a)(1), Oct. 21, 1986, 100 Stat. 1908. For complete classification of this Act to the Code, see Short Title note set out under sec- tion 701 of this title and Tables. The Conrail Privatization Act, referred to in subsec. (a), is subtitle A (§§ 4001–4052) of title IV of Pub. L. 99–509, Oct. 21, 1986, 100 Stat. 1892, which is classified principally to chapter 22 (§ 1301 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1301 of this title and Tables. CODIFICATION In subsec. (a), ‘‘section 303 of title 49’’ substituted for ‘‘section 4(f) of the Department of Transportation Act of 1966 [49 U.S.C. 1653(f)]’’ on authority of Pub. L. 97–449, § 6(b), Jan. 12, 1983, 96 Stat. 2443, the first section of which enacted subtitle I (§ 101 et seq.) and chapter 31 (§ 3101 et seq.) of subtitle II of Title 49, Transportation. AMENDMENTS 2022—Subsec. (a). Pub. L. 117–286 substituted ‘‘chapter 10 of title 5,’’ for ‘‘the Federal Advisory Committee Act,’’. 2014—Subsec. (a). Pub. L. 113–287, which directed sub- stitution of ‘‘division A of subtitle III of title 54’’ for ‘‘the National Historic Preservation Act’’, was exe- cuted by making the substitution for ‘‘the National Historic Preservation Act of 1966’’ to reflect the prob- able intent of Congress. 1986—Subsec. (a). Pub. L. 99–509 inserted ‘‘and to the implementation of the sale of the interest of the United States in Conrail under the Conrail Privatization Act’’. CHAPTER 21—ALASKA RAILROAD TRANSFER Sec. 1201. Findings. 1202. Definitions. 1203. Transfer authorization. 1204. Transition period. 1205. Lands to be transferred. 1206. Employees of Alaska Railroad. 1207. State operation. 1208. Future rights-of-way. 1209. Repealed. 1210. Other disposition. 1211. Denali National Park and Preserve lands. 1212. Applicability of other laws. 1213. Conflict with other laws. 1214. Separability. § 1201. Findings The Congress finds that— (1) the Alaska Railroad, which was built by the Federal Government to serve the transpor- tation and development needs of the Territory of Alaska, presently is providing freight and passenger services that primarily benefit resi- dents and businesses in the State of Alaska; (2) many communities and individuals in Alaska are wholly or substantially dependent on the Alaska Railroad for freight and pas- senger service and provision of such service is an essential governmental function; (3) continuation of services of the Alaska Railroad and the opportunity for future expan- sion of those services are necessary to achieve Federal, State, and private objectives; how- ever, continued Federal control and financial support are no longer necessary to accomplish these objectives; (4) the transfer of the Alaska Railroad and provision for its operation by the State in the manner contemplated by this chapter is made pursuant to the Federal goal and ongoing pro- gram of transferring appropriate activities to the States; (5) the State’s continued operation of the Alaska Railroad following the transfer con- templated by this chapter, together with such expansion of the railroad as may be necessary or convenient in the future, will constitute an appropriate public use of the rail system and associated properties, will provide an essential governmental service, and will promote the general welfare of Alaska’s residents and visi- tors; and