
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: 45USC1322]

 
                           TITLE 45--RAILROADS
 
                    CHAPTER 22--CONRAIL PRIVATIZATION
 
                         SUBCHAPTER II--CONRAIL
 
                 Part B--Other Matters Relating to Sale
 
Sec. 1322. Ownership limitations


(a) General

    (1) During a period of 3 years beginning on the sale date, no 
person, directly or indirectly, may acquire or hold securities 
representing more than 10 percent of the total votes of all outstanding 
voting securities of the Corporation.
    (2) This subsection shall not apply--
        (A) to the employee stock ownership plan (or successor plans) of 
    the Corporation,
        (B) to the Secretary of Transportation,
        (C) to a railroad as described under subsection (b) of this 
    section,
        (D) to underwriting syndicates holding shares for resale, or
        (E) in the case of shares beneficially held for others, to 
    commercial banks, broker-dealers, clearing corporations, or other 
    nominees.

(b) Railroads

    (1) During a period of 1 year beginning on the sale date, no 
railroad may purchase or hold, directly or indirectly, more than 10 
percent of any class of stock of the Corporation. During such period, no 
railroad may file an application with the Commission for a merger or 
consolidation with the Corporation or the acquisition of control of the 
Corporation under section 11344 \1\ of title 49.
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    \1\ See References in Text note below.
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    (2) During a period of 3 years beginning on the sale date, any 
railroad which purchases or holds any stock of the Corporation shall 
vote such stock in the same proportion as all other common stock of the 
Corporation is voted. After the expiration of 1 year after the sale 
date, the preceding sentence shall not apply to any railroad with 
respect to which the Commission has approved an application for a merger 
or consolidation with the Corporation or the acquisition of control of 
the Corporation under section 11344 \1\ of title 49.
    (3) As used in this subsection, the term ``railroad'' means a class 
I railroad as determined by the Commission under the definition in 
effect on October 21, 1986, and includes any entity controlling, 
controlled by, or under common control with any railroad (other than the 
Corporation or its subsidiaries).

(Pub. L. 99-509, title IV, Sec. 4022, Oct. 21, 1986, 100 Stat. 1900.)

                       References in Text

    Section 11344 of title 49, referred to in subsec. (b)(1), (2), was 
omitted in the general amendment of subtitle IV of Title 49, 
Transportation, by Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 
109 Stat. 804. Provisions similar to those in section 11344 are 
contained in sections 11324 and 14303 of Title 49.

  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.

                  Section Referred to in Other Sections

    This section is referred to in section 1324 of this title.
