
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 45USC1303]

 
                           TITLE 45--RAILROADS
 
                    CHAPTER 22--CONRAIL PRIVATIZATION
 
                    SUBCHAPTER I--GENERAL PROVISIONS
 
Sec. 1303. Definitions

    For the purposes of this chapter--
        (1) the term ``capital expenditures'' means amounts expended by 
    the Corporation and its subsidiaries for replacement or 
    rehabilitation of, or enhancements to, the railroad plant, property, 
    trackage, and equipment of the Corporation and its subsidiaries, as 
    determined in accordance with generally accepted accounting 
    principles, and in interpreting generally accepted accounting 
    principles, no amount spent on normal repair, maintenance, and 
    upkeep of such railroad plant, property, trackage, and equipment in 
    the ordinary course of business shall constitute capital 
    expenditures;
        (2) the term ``Commission'' means the Interstate Commerce 
    Commission;
        (3) the term ``consolidated funded debt'' means the aggregate, 
    after eliminating intercompany items, of all funded debt of the 
    Corporation and its consolidated subsidiaries, consolidated in 
    accordance with generally accepted accounting principles;
        (4) the term ``consolidated tangible net worth'' means the 
    market value of the common equity of the Corporation as of the sale 
    date, plus or minus the change from the sale date to the date of 
    measurement in the excess, after making appropriate deductions for 
    any minority interest in the net worth of subsidiaries, of--
            (A) the assets of the Corporation and its subsidiaries 
        (excluding intercompany items) which, in accordance with 
        generally accepted accounting principles, are tangible assets, 
        after deducting adequate reserves in each case where, in 
        accordance with generally accepted accounting principles, a 
        reserve is proper, over
            (B) all liabilities of the Corporation and its subsidiaries 
        (excluding intercompany items),

    taking into account inventory and securities on the basis of the 
    cost or current market value, whichever is lower, and not taking 
    into account patents, trademarks, trade names, copyrights, licenses, 
    goodwill, treasury stock, or any write-up in the book value of any 
    assets;
        (5) the term ``Corporation'' means the Consolidated Rail 
    Corporation;
        (6) the term ``cumulative net income'' means, for any period, 
    the net income of the Corporation and its consolidated subsidiaries 
    as determined in accordance with generally accepted accounting 
    principles, before provision for expenses (net of income tax effect) 
    related to--
            (A) amounts paid by the Corporation under section 4024(e), 
        and comparable payments made to present and former employees of 
        the Corporation not covered by such section; and
            (B) the aggregate value of any shares and cash distributed 
        by the Corporation under section 4024(f);

        (7) the term ``debt'' means (A) indebtedness, whether or not 
    represented by bonds, debentures, notes, or other securities, for 
    the repayment of money borrowed, (B) deferred indebtedness for the 
    payment of the purchase price of property or assets purchased, (C) 
    guarantees, endorsements, assumptions, and other contingent 
    obligations in respect of, or to purchase or to otherwise acquire, 
    indebtedness of others, and (D) indebtedness secured by any 
    mortgage, pledge, or lien existing on property owned, subject to 
    such mortgage, pledge, or lien, whether or not indebtedness secured 
    thereby shall have been assumed;
        (8) the term ``funded debt'' means all debt created, assumed, or 
    guaranteed, directly or indirectly, by the Corporation and its 
    subsidiaries which matures by its terms, or is renewable at the 
    option of the Corporation or any such subsidiary to a date, more 
    than 1 year after the date of the original creation, assumption, or 
    guarantee of such debt by the Corporation or such subsidiary;
        (9) the term ``liabilities'' means all items of indebtedness or 
    liability which, in accordance with generally accepted accounting 
    principles, would be included in determining total liabilities as 
    shown on the liabilities side of a balance sheet as at the date as 
    of which liabilities are to be determined;
        (10) the term ``person'' means an individual, corporation, 
    partnership, association, trust, or other entity or organization, 
    including a government or political subdivision thereof or a 
    governmental body;
        (11) the term ``preferred stock'' means any class or series of 
    preferred stock, and any class or series of common stock having 
    liquidation and dividend rights and preferences superior to the 
    common stock of the Corporation offered for sale under section 1312 
    of this title;
        (12) the term ``public offering'' means an underwritten offering 
    to the public of such common stock of the Corporation as the 
    Secretary of Transportation determines to sell under section 1312 of 
    this title;
        (13) the term ``sale date'' means the date on which the initial 
    public offering is closed;
        (14) the term ``subsidiary'' means any corporation more than 50 
    percent of whose outstanding voting securities are directly or 
    indirectly owned by the Corporation; and
        (15) the term ``United States share'' means a share of common 
    stock of the Corporation held by the United States Government on 
    October 21, 1986, or as a result of any split required pursuant to 
    section 1312(d) of this title.

(Pub. L. 99-509, title IV, Sec. 4004, Oct. 21, 1986, 100 Stat. 1894.)

                       References in Text

    Section 4024(e) and section 4024(f), referred to in par. (6), are 
section 4024(e) and (f) of Pub. L. 99-509, and are set out as a note 
under section 797 of this title.

  Abolition of Interstate Commerce Commission and Transfer of Functions

    Interstate Commerce Commission abolished and functions of Commission 
transferred, except as otherwise provided in Pub. L. 104-88, to Surface 
Transportation Board effective Jan. 1, 1996, by section 702 of Title 49, 
Transportation, and section 101 of Pub. L. 104-88, set out as a note 
under section 701 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 appropriate, 
see section 205 of Pub. L. 104-88, set out as a note under section 701 
of Title 49.
