US (United States) Code. Title 49. Subtitle IV. Part A. Chapter 113: Finance

Codificación normativa de EEUU (Estados Unidos). Legislación federal estadounidense # Transportation. Rail

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-CITE-

49 USC CHAPTER 113 - FINANCE 01/06/03

-EXPCITE-

TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

-HEAD-

CHAPTER 113 - FINANCE

-MISC1-

SUBCHAPTER I - EQUIPMENT TRUSTS AND SECURITY INTERESTS

Sec.

11301. Equipment trusts: recordation; evidence of

indebtedness.

SUBCHAPTER II - COMBINATIONS

11321. Scope of authority.

11322. Limitation on pooling and division of transportation

or earnings.

11323. Consolidation, merger, and acquisition of control.

11324. Consolidation, merger, and acquisition of control:

conditions of approval.

11325. Consolidation, merger, and acquisition of control:

procedure.

11326. Employee protective arrangements in transactions

involving rail carriers.

11327. Supplemental orders.

11328. Restrictions on officers and directors.

-End-

-CITE-

49 USC SUBCHAPTER I - EQUIPMENT TRUSTS AND SECURITY

INTERESTS 01/06/03

-EXPCITE-

TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER I - EQUIPMENT TRUSTS AND SECURITY INTERESTS

-HEAD-

SUBCHAPTER I - EQUIPMENT TRUSTS AND SECURITY INTERESTS

-End-

-CITE-

49 USC Sec. 11301 01/06/03

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TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER I - EQUIPMENT TRUSTS AND SECURITY INTERESTS

-HEAD-

Sec. 11301. Equipment trusts: recordation; evidence of indebtedness

-STATUTE-

(a) A mortgage (other than a mortgage under chapter 313 of title

46), lease, equipment trust agreement, conditional sales agreement,

or other instrument evidencing the mortgage, lease, conditional

sale, or bailment of or security interest in vessels, railroad

cars, locomotives, or other rolling stock, or accessories used on

such railroad cars, locomotives, or other rolling stock (including

superstructures and racks), intended for a use related to

interstate commerce shall be filed with the Board in order to

perfect the security interest that is the subject of such

instrument. An assignment of a right or interest under one of those

instruments and an amendment to that instrument or assignment

including a release, discharge, or satisfaction of any part of it

shall also be filed with the Board. The instrument, assignment, or

amendment must be in writing, executed by the parties to it, and

acknowledged or verified under Board regulations. When filed under

this section, that document is notice to, and enforceable against,

all persons. A document filed under this section does not have to

be filed, deposited, registered, or recorded under another law of

the United States, a State (or its political subdivisions), or

territory or possession of the United States, related to filing,

deposit, registration, or recordation of those documents. This

section does not change chapter 313 of title 46.

(b) The Board shall maintain a system for recording each document

filed under subsection (a) of this section and mark each of them

with a consecutive number and the date and hour of their

recordation. The Board shall maintain and keep open for public

inspection an index of documents filed under that subsection. That

index shall include the name and address of the principal debtors,

trustees, guarantors, and other parties to those documents and may

include other facts that will assist in determining the rights of

the parties to those transactions.

(c) The Board may to the greatest extent practicable perform its

functions under this section through contracts with private sector

entities.

(d) A mortgage, lease, equipment trust agreement, conditional

sales agreement, or other instrument evidencing the mortgage,

lease, conditional sale, or bailment of or security interest in

vessels, railroad cars, locomotives, or other rolling stock, or

accessories used on such railroad cars, locomotives, or other

rolling stock (including superstructures and racks), or any

assignment thereof, which -

(1) is duly constituted under the laws of a country other than

the United States; and

(2) relates to property that bears the reporting marks and

identification numbers of any person domiciled in or corporation

organized under the laws of such country,

shall be recognized with the same effect as having been filed under

this section.

(e) Interests with respect to which documents are filed or

recognized under this section are deemed perfected in all

jurisdictions, and shall be governed by applicable State or foreign

law in all matters not specifically governed by this section.

(f) The Board shall collect, maintain, and keep open for public

inspection a railway equipment register consistent with the manner

and format maintained by the Interstate Commerce Commission as of

January 1, 1996.

-SOURCE-

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109

Stat. 837; amended Pub. L. 104-287, Sec. 5(25), Oct. 11, 1996, 110

Stat. 3390.)

-MISC1-

PRIOR PROVISIONS

Provisions similar to those in this section were contained in

section 11303 of this title prior to the general amendment of this

subtitle by Pub. L. 104-88, Sec. 102(a).

A prior section 11301, Pub. L. 95-473, Oct. 17, 1978, 92 Stat.

1428; Pub. L. 103-429, Sec. 6(16), Oct. 31, 1994, 108 Stat. 4379,

related to authority of certain carriers to issue securities and

assume obligations and liabilities, prior to the general amendment

of this subtitle by Pub. L. 104-88, Sec. 102(a).

A prior section 11302, Pub. L. 95-473, Oct. 17, 1978, 92 Stat.

1430; Pub. L. 96-296, Sec. 18(a), July 1, 1980, 96 Stat. 811,

provided that section 11301 of this title applied to motor carriers

and corporations subject to jurisdiction of Interstate Commerce

Commission under former subchapter II of chapter 105 of this title,

but did not apply to corporations under a certain capitalization,

and that this section did not apply to Federal, State, or local

governments, prior to repeal by Pub. L. 97-261, Secs. 19(a), 31(a),

Sept. 20, 1982, 96 Stat. 1121, 1129, effective on the 60th day

after Sept. 20, 1982.

Prior sections 11303 and 11304 were omitted in the general

amendment of this subtitle by Pub. L. 104-88, Sec. 102(a).

Section 11303, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1430; Pub.

L. 103-272, Sec. 5(m)(30), July 5, 1994, 108 Stat. 1378, related to

filing and recording of mortgages, leases, equipment trusts, and

other agreements with Interstate Commerce Commission. See section

11301 of this title.

Section 11304, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1431; Pub.

L. 96-258, Sec. 1(12), June 3, 1980, 94 Stat. 426, related to

security interests in certain motor vehicles. See section 14301 of

this title.

AMENDMENTS

1996 - Subsec. (f). Pub. L. 104-287 substituted "January 1, 1996"

for "the effective date of the ICC Termination Act of 1995".

EFFECTIVE DATE

Chapter effective Jan. 1, 1996, except as otherwise provided in

Pub. L. 104-88, see section 2 of Pub. L. 104-88, set out as a note

under section 701 of this title.

-TRANS-

ABOLITION OF INTERSTATE COMMERCE COMMISSION

Interstate Commerce Commission abolished by section 101 of Pub.

L. 104-88, set out as a note under section 701 of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 24301 of this title; title

45 sections 726, 791.

-End-

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49 USC SUBCHAPTER II - COMBINATIONS 01/06/03

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TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER II - COMBINATIONS

-HEAD-

SUBCHAPTER II - COMBINATIONS

-SECREF-

SUBCHAPTER REFERRED TO IN OTHER SECTIONS

This subchapter is referred to in sections 10906, 11702 of this

title; title 45 section 662.

-End-

-CITE-

49 USC Sec. 11321 01/06/03

-EXPCITE-

TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER II - COMBINATIONS

-HEAD-

Sec. 11321. Scope of authority

-STATUTE-

(a) The authority of the Board under this subchapter is

exclusive. A rail carrier or corporation participating in or

resulting from a transaction approved by or exempted by the Board

under this subchapter may carry out the transaction, own and

operate property, and exercise control or franchises acquired

through the transaction without the approval of a State authority.

A rail carrier, corporation, or person participating in that

approved or exempted transaction is exempt from the antitrust laws

and from all other law, including State and municipal law, as

necessary to let that rail carrier, corporation, or person carry

out the transaction, hold, maintain, and operate property, and

exercise control or franchises acquired through the transaction.

However, if a purchase and sale, a lease, or a corporate

consolidation or merger is involved in the transaction, the carrier

or corporation may carry out the transaction only with the assent

of a majority, or the number required under applicable State law,

of the votes of the holders of the capital stock of that

corporation entitled to vote. The vote must occur at a regular

meeting, or special meeting called for that purpose, of those

stockholders and the notice of the meeting must indicate its

purpose.

(b) A power granted under this subchapter to a carrier or

corporation is in addition to and changes its powers under its

corporate charter and under State law. Action under this subchapter

does not establish or provide for establishing a corporation under

the laws of the United States.

-SOURCE-

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109

Stat. 838.)

-MISC1-

PRIOR PROVISIONS

Provisions similar to those in this section were contained in

section 11341 of this title prior to the general amendment of this

subtitle by Pub. L. 104-88, Sec. 102(a).

A prior section 11321, Pub. L. 95-473, Oct. 17, 1978, 92 Stat.

1432, related to limitations on ownership of certain water

carriers, prior to the general amendment of this subtitle by Pub.

L. 104-88, Sec. 102(a).

-End-

-CITE-

49 USC Sec. 11322 01/06/03

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TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER II - COMBINATIONS

-HEAD-

Sec. 11322. Limitation on pooling and division of transportation or

earnings

-STATUTE-

(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. 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-

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109

Stat. 838.)

-MISC1-

PRIOR PROVISIONS

Provisions similar to those in this section were contained in

section 11342 of this title prior to the general amendment of this

subtitle by Pub. L. 104-88, Sec. 102(a).

A prior section 11322, Pub. L. 95-473, Oct. 17, 1978, 92 Stat.

1433, related to restrictions on officers and directors of

carriers, prior to the general amendment of this subtitle by Pub.

L. 104-88, Sec. 102(a). See section 11328 of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 11327, 24301, 24305 of

this title.

-End-

-CITE-

49 USC Sec. 11323 01/06/03

-EXPCITE-

TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER II - COMBINATIONS

-HEAD-

Sec. 11323. Consolidation, merger, and acquisition of control

-STATUTE-

(a) The following transactions involving rail carriers providing

transportation subject to the jurisdiction of the Board under this

part may be carried out only with the approval and authorization of

the Board:

(1) Consolidation or merger of the properties or franchises of

at least 2 rail carriers into one corporation for the ownership,

management, and operation of the previously separately owned

properties.

(2) A purchase, lease, or contract to operate property of

another rail carrier by any number of rail carriers.

(3) Acquisition of control of a rail carrier by any number of

rail carriers.

(4) Acquisition of control of at least 2 rail carriers by a

person that is not a rail carrier.

(5) Acquisition of control of a rail carrier by a person that

is not a rail carrier but that controls any number of rail

carriers.

(6) Acquisition by a rail carrier of trackage rights over, or

joint ownership in or joint use of, a railroad line (and

terminals incidental to it) owned or operated by another rail

carrier.

(b) A person may carry out a transaction referred to in

subsection (a) of this section or participate in achieving the

control or management, including the power to exercise control or

management, in a common interest of more than one of those rail

carriers, regardless of how that result is reached, only with the

approval and authorization of the Board under this subchapter. In

addition to other transactions, each of the following transactions

are considered achievements of control or management:

(1) A transaction by a rail carrier that has the effect of

putting that rail carrier and person affiliated with it, taken

together, in control of another rail carrier.

(2) A transaction by a person affiliated with a rail carrier

that has the effect of putting that rail carrier and persons

affiliated with it, taken together, in control of another rail

carrier.

(3) A transaction by at least 2 persons acting together (one of

whom is a rail carrier or is affiliated with a rail carrier) that

has the effect of putting those persons and rail carriers and

persons affiliated with any of them, or with any of those

affiliated rail carriers, taken together, in control of another

rail carrier.

(c) A person is affiliated with a rail carrier under this

subchapter if, because of the relationship between that person and

a rail carrier, it is reasonable to believe that the affairs of

another rail carrier, control of which may be acquired by that

person, will be managed in the interest of the other rail carrier.

-SOURCE-

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109

Stat. 838.)

-MISC1-

PRIOR PROVISIONS

Provisions similar to those in this section were contained in

section 11343 of this title prior to the general amendment of this

subtitle by Pub. L. 104-88, Sec. 102(a).

A prior section 11323, Pub. L. 95-473, Oct. 17, 1978, 92 Stat.

1433; Pub. L. 99-521, Sec. 10(a), (b)(1), Oct. 22, 1986, 100 Stat.

2997, related to limitation on ownership of other carriers by

household goods freight forwarders, prior to the general amendment

of this subtitle by Pub. L. 104-88, Sec. 102(a).

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 333, 11324, 11327 of this

title.

-End-

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49 USC Sec. 11324 01/06/03

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TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER II - COMBINATIONS

-HEAD-

Sec. 11324. Consolidation, merger, and acquisition of control:

conditions of approval

-STATUTE-

(a) The Board may begin a proceeding to approve and authorize a

transaction referred to in section 11323 of this title on

application of the person seeking that authority. When an

application is filed with the Board, the Board shall notify the

chief executive officer of each State in which property of the rail

carriers involved in the proposed transaction is located and shall

notify those rail carriers. The Board shall hold a public hearing

unless the Board determines that a public hearing is not necessary

in the public interest.

(b) In a proceeding under this section which involves the merger

or control of at least two Class I railroads, as defined by the

Board, the Board shall consider at least -

(1) the effect of the proposed transaction on the adequacy of

transportation to the public;

(2) the effect on the public interest of including, or failing

to include, other rail carriers in the area involved in the

proposed transaction;

(3) the total fixed charges that result from the proposed

transaction;

(4) the interest of rail carrier employees affected by the

proposed transaction; and

(5) whether the proposed transaction would have an adverse

effect on competition among rail carriers in the affected region

or in the national rail system.

(c) The Board shall approve and authorize a transaction under

this section when it finds the transaction is consistent with the

public interest. The Board may impose conditions governing the

transaction, including the divestiture of parallel tracks or

requiring the granting of trackage rights and access to other

facilities. Any trackage rights and related conditions imposed to

alleviate anticompetitive effects of the transaction shall provide

for operating terms and compensation levels to ensure that such

effects are alleviated. When the transaction contemplates a

guaranty or assumption of payment of dividends or of fixed charges

or will result in an increase of total fixed charges, the Board may

approve and authorize the transaction only if it finds that the

guaranty, assumption, or increase is consistent with the public

interest. The Board may require inclusion of other rail carriers

located in the area involved in the transaction if they apply for

inclusion and the Board finds their inclusion to be consistent with

the public interest.

(d) In a proceeding under this section which does not involve the

merger or control of at least two Class I railroads, as defined by

the Board, the Board shall approve such an application unless it

finds that -

(1) as a result of the transaction, there is likely to be

substantial lessening of competition, creation of a monopoly, or

restraint of trade in freight surface transportation in any

region of the United States; and

(2) the anticompetitive effects of the transaction outweigh the

public interest in meeting significant transportation needs.

In making such findings, the Board shall, with respect to any

application that is part of a plan or proposal developed under

section 333(a)-(d) of this title, accord substantial weight to any

recommendations of the Attorney General.

(e) No transaction described in section 11326(b) may have the

effect of avoiding a collective bargaining agreement or shifting

work from a rail carrier with a collective bargaining agreement to

a rail carrier without a collective bargaining agreement.

(f)(1) To the extent provided in this subsection, a proceeding

under this subchapter relating to a transaction involving at least

one Class I rail carrier shall not be considered an adjudication

required by statute to be determined on the record after

opportunity for an agency hearing, for the purposes of subchapter

II of chapter 5 of title 5, United States Code.

(2) Ex parte communications, as defined in section 551(14) of

title 5, United States Code, shall be permitted in proceedings

described in paragraph (1) of this subsection, subject to the

requirements of paragraph (3) of this subsection.

(3)(A) Any member or employee of the Board who makes or receives

a written ex parte communication concerning the merits of a

proceeding described in paragraph (1) shall promptly place the

communication in the public docket of the proceeding.

(B) Any member or employee of the Board who makes or receives an

oral ex parte communication concerning the merits of a proceeding

described in paragraph (1) shall promptly place a written summary

of the oral communication in the public docket of the proceeding.

(4) Nothing in this subsection shall be construed to require the

Board or any of its members or employees to engage in any ex parte

communication with any person. Nothing in this subsection or any

other law shall be construed to limit the authority of the members

or employees of the Board, in their discretion, to note in the

docket or otherwise publicly the occurrence and substance of an ex

parte communication.

-SOURCE-

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109

Stat. 839.)

-MISC1-

PRIOR PROVISIONS

Provisions similar to those in this section were contained in

section 11344 of this title prior to the general amendment of this

subtitle by Pub. L. 104-88, Sec. 102(a).

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 333, 11325, 11326, 11327

of this title; title 45 section 1112.

-End-

-CITE-

49 USC Sec. 11325 01/06/03

-EXPCITE-

TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER II - COMBINATIONS

-HEAD-

Sec. 11325. Consolidation, merger, and acquisition of control:

procedure

-STATUTE-

(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

transaction, be filed with it by the 90th day after publication

of notice under that subsection.

(3) The Board must conclude evidentiary proceedings by the end

of 1 year after the date of publication of notice under

subsection (a) of this section. The Board must issue a final

decision by the 90th day after the date on which it concludes the

evidentiary proceedings.

(c) If the application involves a transaction other than the

merger or control of at least two Class I railroads, as defined by

the Board, which the Board has determined to be of regional or

national transportation significance, the following conditions

apply:

(1) Written comments about an application, including comments

of the Attorney General and the Secretary of Transportation, may

be filed with the Board within 30 days after notice of the

application is published under subsection (a) of this section.

(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

transaction, be filed with it by the 60th day after publication

of notice under that subsection.

(3) The Board must conclude any evidentiary proceedings by the

180th day after the date of publication of notice under

subsection (a) of this section. The Board must issue a final

decision by the 90th day after the date on which it concludes the

evidentiary proceedings.

(d) For all applications under this section other than those

specified in subsections (b) and (c) of this section, the following

conditions apply:

(1) Written comments about an application, including comments

of the Attorney General and the Secretary of Transportation, may

be filed with the Board within 30 days after notice of the

application is published under subsection (a) of this section.

(2) The Board must conclude any evidentiary proceedings by the

105th day after the date of publication of notice under

subsection (a) of this section. The Board must issue a final

decision by the 45th day after the date on which it concludes the

evidentiary proceedings.

-SOURCE-

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109

Stat. 841.)

-MISC1-

PRIOR PROVISIONS

Provisions similar to those in this section were contained in

section 11345 of this title prior to the general amendment of this

subtitle by Pub. L. 104-88, Sec. 102(a).

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 11326, 11327 of this

title; title 45 section 1112.

-End-

-CITE-

49 USC Sec. 11326 01/06/03

-EXPCITE-

TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER II - COMBINATIONS

-HEAD-

Sec. 11326. Employee protective arrangements in transactions

involving rail carriers

-STATUTE-

(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) (!1) 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 effective date of the transaction. The parties may

agree to terms other than as provided in this subsection.

(c) When approval is sought under sections 11324 and 11325 for a

transaction involving only Class III rail carriers, this section

shall not apply.

-SOURCE-

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109

Stat. 842.)

-REFTEXT-

REFERENCES IN TEXT

Section 5(2)(f) of the Interstate Commerce Act, referred to in

subsec. (a), was classified to section 5(2)(f) of former Title 49,

Transportation, prior to repeal and reenactment as section 11347 of

this title by Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1439. Section

11347 of this title was subsequently omitted in the general

amendment of this subtitle by Pub. L. 104-88, Sec. 102(a).

Section 24706(c) of this title, referred to in subsec. (a), was

repealed by Pub. L. 105-134, title I, Sec. 142(a), Dec. 2, 1997,

111 Stat. 2576.

-MISC1-

PRIOR PROVISIONS

Provisions similar to those in this section were contained in

section 11347 of this title prior to the general amendment of this

subtitle by Pub. L. 104-88, Sec. 102(a).

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 5333, 10903, 11324, 11327

of this title.

-FOOTNOTE-

(!1) See References in Text note below.

-End-

-CITE-

49 USC Sec. 11327 01/06/03

-EXPCITE-

TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER II - COMBINATIONS

-HEAD-

Sec. 11327. Supplemental orders

-STATUTE-

When cause exists, the Board may make appropriate orders

supplemental to an order made in a proceeding under sections 11322

through 11326 of this title.

-SOURCE-

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109

Stat. 843.)

-MISC1-

PRIOR PROVISIONS

Provisions similar to those in this section were contained in

section 11351 of this title prior to the general amendment of this

subtitle by Pub. L. 104-88, Sec. 102(a).

-End-

-CITE-

49 USC Sec. 11328 01/06/03

-EXPCITE-

TITLE 49 - TRANSPORTATION

SUBTITLE IV - INTERSTATE TRANSPORTATION

PART A - RAIL

CHAPTER 113 - FINANCE

SUBCHAPTER II - COMBINATIONS

-HEAD-

Sec. 11328. Restrictions on officers and directors

-STATUTE-

(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.

-SOURCE-

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109

Stat. 843.)

-MISC1-

PRIOR PROVISIONS

Provisions similar to those in this section were contained in

section 11322 of this title prior to the general amendment of this

subtitle by Pub. L. 104-88, Sec. 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, Sec.

102(a).

Section 11341, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1434; Pub.

L. 97-261, Sec. 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, Sec. 20, July 1, 1980, 94 Stat. 811; Pub. L. 96-454,

Sec. 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, 92 Stat. 1434; Pub.

L. 96-296, Sec. 18(b), July 1, 1980, 94 Stat. 811; Pub. L. 97-261,

Sec. 21(b), Sept. 20, 1982, 96 Stat. 1122, related to

consolidation, merger, and acquisition of control. See sections

11323 and 14303 of this title.

Section 11344, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1436; Pub.

L. 96-448, title II, Sec. 228(a)-(c), Oct. 14, 1980, 94 Stat. 1931;

Pub. L. 97-261, Sec. 21(f), (g), Sept. 20, 1982, 96 Stat. 1123;

Pub. L. 98-216, Sec. 2(4), Feb. 14, 1984, 98 Stat. 5, related to

general procedures and conditions of approval of consolidations,

mergers, and acquisitions of control. See sections 11324 and 14303

of this title.

Section 11345, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1436; Pub.

L. 96-448, title II, Sec. 228(d), Oct. 14, 1980, 94 Stat. 1932,

related to rail carrier procedures in consolidations, mergers, and

acquisitions of control. See section 11325 of this title.

Section 11345a, added Pub. L. 96-296, Sec. 27(a), July 1, 1980,

94 Stat. 819; amended Pub. L. 97-261, Sec. 21(c), (d), Sept. 20,

1982, 96 Stat. 1123, related to motor carrier procedures in

consolidations, mergers, and acquisitions of control. See section

14303 of this title.

Section 11346, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1437; Pub.

L. 97-449, Sec. 5(g)(7), Jan. 12, 1983, 96 Stat. 2443, related to

expedited rail carrier procedures in consolidations, mergers, and

acquisitions of control.

Section 11347, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1439; Pub.

L. 98-216, Sec. 2(16), Feb. 14, 1984, 98 Stat. 5; Pub. L. 103-272,

Sec. 5(m)(31), July 5, 1994, 108 Stat. 1378, related to employee

protective arrangements in transactions involving rail carriers.

See section 11326 of this title.

Section 11348, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1439; Pub.

L. 96-454, Sec. 8(b)(1), Oct. 15, 1980, 94 Stat. 2021; Pub. L.

97-261, Sec. 19(b), Sept. 20, 1982, 96 Stat. 1121; Pub. L. 97-449,

Sec. 5(g)(8), Jan. 12, 1983, 96 Stat. 2443; Pub. L. 98-554, title

II, Sec. 227(a)(3), Oct. 30, 1984, 98 Stat. 2852; Pub. L. 103-272,

Sec. 5(m)(32), July 5, 1994, 108 Stat. 1378; Pub. L. 103-429, Sec.

6(17), Oct. 31, 1994, 108 Stat. 4379, related to Interstate

Commerce Commission authority over noncarriers that acquire control

of carriers. See section 14303 of this title.

Section 11349, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1439,

related to temporary operating approval for transactions involving

motor and water carriers. See section 14303 of this title.

Section 11350, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1440,

related to responsibility of Secretary of Transportation in certain

transactions.

Section 11351, added Pub. L. 96-258, Sec. 1(13)(A), June 3, 1980,

94 Stat. 427, related to orders by Interstate Commerce Commission

supplemental to orders made in proceedings under former sections

11342 to 11345 and 11347 of this title. See sections 11327 and

14303 of this title.

Section 11361, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1441; Pub.

L. 97-449, Sec. 5(g)(9), Jan. 12, 1983, 96 Stat. 2443; Pub. L.

98-216, Sec. 2(17), Feb. 14, 1984, 98 Stat. 5, related to exclusive

authority of Interstate Commerce Commission over financial

structure of carriers.

Section 11362, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1441,

related to criteria for approval and authority to make changes in

carrier financial structure.

Section 11363, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1442,

related to assent of holders of securities and certain other

instruments to changes in carrier financial structure.

Section 11364, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1443,

related to procedure for obtaining assents of security holders to

changes in financial structure.

Section 11365, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1443,

related to effect of change in financial structure of carrier on

other persons.

Section 11366, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1443,

related to reports by carriers making change in financial

structure.

Section 11367, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1444; Pub.

L. 98-216, Sec. 2(18), (19), Feb. 14, 1984, 98 Stat. 5, related to

application of certain other laws to proposed changes in financial

structure of carriers.

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