
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: 45USC1342]

 
                           TITLE 45--RAILROADS
 
                    CHAPTER 22--CONRAIL PRIVATIZATION
 
                         SUBCHAPTER II--CONRAIL
 
                    Part C--Miscellaneous Provisions
 
Sec. 1342. Exemption from liability


(a) In general

    No person referred to in section 726(f)(8)(C)(i), (ii), or (iii) of 
this title shall be liable, for money damages or otherwise, to any party 
if, with respect to the subject matter of the action, suit, or 
proceeding, such person was fulfilling a duty, in connection with any 
action taken under this subchapter, which such person in good faith 
reasonably believed to be required by law or vested in such person.

(b) Exception

    This section shall not apply to claims arising out of the Securities 
Act of 1933 [15 U.S.C. 77a et seq.], the Securities Exchange Act of 1934 
[15 U.S.C. 78a et seq.], or the Constitution or laws of any State, 
territory, or possession of the United States relating to transactions 
in securities, which claims are in connection with a public offering 
under section 1312 of this title.

(Pub. L. 99-509, title IV, Sec. 4034, Oct. 21, 1986, 100 Stat. 1909.)

                       References in Text

    The Securities Act of 1933, referred to in subsec. (b), is act May 
27, 1933, ch. 38, title I, 48 Stat. 74, as amended, which is classified 
generally to subchapter I (Sec. 77a et seq.) of chapter 2A of Title 15, 
Commerce and Trade. For complete classification of this Act to the Code, 
see section 77a of Title 15 and Tables.
    The Securities Exchange Act of 1934, referred to in subsec. (b), is 
act June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is classified 
principally to chapter 2B (Sec. 78a et seq.) of Title 15. For complete 
classification of this Act to the Code, see section 78a of Title 15 and 
Tables.
