
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 45USC1311]

 
                           TITLE 45--RAILROADS
 
                    CHAPTER 22--CONRAIL PRIVATIZATION
 
                         SUBCHAPTER II--CONRAIL
 
                         Part A--Sale of Conrail
 
Sec. 1311. Preparation for public offering


(a) Public offering managers

    (1) Not later than 30 days after October 21, 1986, the Secretary of 
Transportation, in consultation with the Secretary of the Treasury and 
the Chairman of the Board of Directors of the Corporation, shall retain 
the services of investment banking firms to serve jointly and be 
compensated equally as co-lead managers of the public offering 
(hereafter in this part referred to as the ``co-lead managers'') and to 
establish a syndicate to underwrite the public offering. The total 
number of co-lead managers shall be no fewer than 4 nor greater than 6. 
The Secretary shall designate one co-lead manager to coordinate and 
administer the public offering.
    (2) In selecting the investment banking firms to serve as co-lead 
managers of the public offering under paragraph (1), consideration shall 
be given to the firm's institutional and retail distribution 
capabilities, financial strength, knowledge of the railroad industry, 
experience in large scale public offerings, research capability, and 
reputation. In addition, recognition shall also be given to 
contributions made by particular investment banking firms before October 
21, 1986, in demonstrating and promoting the long-term financial 
viability of the Corporation.

(b) Payment to United States

    (1) Not later than 30 days after October 21, 1986, the Corporation 
shall transfer to the Secretary of the Treasury $200,000,000.
    (2) On or before February 1, 1987, or 30 days before the sale date, 
whichever occurs first, the Secretary of Transportation shall determine 
whether to require the Corporation to transfer to the Secretary of the 
Treasury, in addition to amounts transferred under paragraph (1), not to 
exceed $100,000,000, taking into account the viability of the 
Corporation. The Corporation shall transfer such funds as are required 
to be transferred under this paragraph.

(c) Registration statement

    The Corporation shall prepare and cause to be filed with the 
Securities and Exchange Commission a registration statement with respect 
to the securities to be offered and sold in accordance with the 
securities laws and the rules and regulations thereunder in connection 
with the initial and any subsequent public offering.

(d) Omitted

(Pub. L. 99-509, title IV, Sec. 4011, Oct. 21, 1986, 100 Stat. 1895.)

                       References in Text

    This part, referred to in subsec. (a), was in the original ``this 
subpart'' meaning subpart A (Secs. 4011-4013) of part 2 of subtitle A of 
title IV of Pub. L. 99-509, Oct. 21, 1986, 100 Stat. 1895, which enacted 
this part and amended section 726 of this title. For complete 
classification of subpart A to the Code, see Tables.

                          Codification

    Subsec. (d) of this section amended section 726 of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 1312 of this title.
