
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: 45USC742]

 
                           TITLE 45--RAILROADS
 
                CHAPTER 16--REGIONAL RAIL REORGANIZATION
 
              SUBCHAPTER III--CONSOLIDATED RAIL CORPORATION
 
Sec. 742. Powers and duties of Corporation

    The Corporation shall have all of the powers and is subject to all 
of the duties vested in it under this chapter, in addition to the powers 
conferred upon it under the laws of the State or States in which it is 
incorporated and the powers of a railroad in any State in which it 
operates. The Corporation is authorized and directed to--
        (a) acquire rail properties designated in the final system plan 
    to be transferred or conveyed to it;
        (b) operate rail service over such rail properties except as 
    provided under sections 744(e) and 791(d)(3) of this title;
        (c) rehabilitate, improve, and modernize such rail properties; 
    and
        (d) maintain adequate and efficient rail services.

So long as 50 per centum or more, as determined by the Secretary of the 
Treasury, of the outstanding indebtedness of the Corporation consists of 
obligations of the Association or other debts owing to or guaranteed by 
the United States, the Corporation shall not engage in activities which 
are not related to transportation.

(Pub. L. 93-236, title III, Sec. 302, Jan. 2, 1974, 87 Stat. 1005.)

Abolition of United States Railway Association and Transfer of Functions 
                             and Securities

    See section 1341 of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 741 of this title.
