
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: 45USC1341]

 
                           TITLE 45--RAILROADS
 
                    CHAPTER 22--CONRAIL PRIVATIZATION
 
                         SUBCHAPTER II--CONRAIL
 
                    Part C--Miscellaneous Provisions
 
Sec. 1341. Abolition of United States Railway Association


(a) Abolition and termination

    (1) Effective April 1, 1987, the United States Railway Association 
is abolished.
    (2) On January 1, 1987, all powers, duties, rights, and obligations 
of such association relating to the Corporation under the Regional Rail 
Reorganization Act of 1973 (45 U.S.C. 701 et seq.) shall be transferred 
to the Secretary of Transportation.
    (3) The sole function of the United States Railway Association after 
January 1, 1987, shall be the termination of its affairs and the 
liquidation of its assets.

(b) Transfer of securities and responsibilities

    (1) Any securities of the Corporation held by the United States 
Railway Association shall, upon \1\ October 21, 1986, be transferred to 
the Secretary of Transportation.
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    \1\ So in original. Probably should be ``on''.
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    (2) If, on the date the United States Railway Association is 
abolished under subsection (a) of this section, such association shall 
not have completed the termination of its affairs and the liquidation of 
its assets, the duty of completing such winding up of its affairs and 
liquidation shall be transferred to the Secretary of Transportation, who 
for such purposes shall succeed to all remaining powers, duties, rights, 
and obligations of such association.

(c) Financing agreement

    (1) On January 1, 1987, the Amended and Restated Financing 
Agreement, dated May 10, 1979, between the United States Railway 
Association and the Corporation, together with any and all rights and 
obligations of or on behalf of any person with respect to such 
agreement, shall terminate and be of no further force or effect, except 
for those provisions specifying terms and conditions for payments made 
to the United States with respect to debentures, preferred stock, and 
contingent interest notes.
    (2) Effective as of the sale date, those provisions of the Financing 
Agreement referred to in paragraph (1) shall terminate.

(Pub. L. 99-509, title IV, Sec. 4031, Oct. 21, 1986, 100 Stat. 1906.)

                       References in Text

    The Regional Rail Reorganization Act of 1973, referred to in subsec. 
(a)(2), is Pub. L. 93-236, Jan. 2, 1974, 87 Stat. 985, as amended, which 
is classified principally to chapter 16 (Sec. 701 et seq.) of this 
title. For complete classification of this Act to the Code, see Short 
Title note set out under section 701 of this title and Tables.
