
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: 49USC11321]

 
                        TITLE 49--TRANSPORTATION
 
                 SUBTITLE IV--INTERSTATE TRANSPORTATION
 
                              PART A--RAIL
 
                          CHAPTER 113--FINANCE
 
                       SUBCHAPTER II--COMBINATIONS
 
Sec. 11321. Scope of authority

    (a) The authority of the Board under this subchapter is exclusive. A 
rail carrier or corporation participating in or resulting from a 
transaction approved by or exempted by the Board under this subchapter 
may carry out the transaction, own and operate property, and exercise 
control or franchises acquired through the transaction without the 
approval of a State authority. A rail carrier, corporation, or person 
participating in that approved or exempted transaction is exempt from 
the antitrust laws and from all other law, including State and municipal 
law, as necessary to let that rail carrier, corporation, or person carry 
out the transaction, hold, maintain, and operate property, and exercise 
control or franchises acquired through the transaction. However, if a 
purchase and sale, a lease, or a corporate consolidation or merger is 
involved in the transaction, the carrier or corporation may carry out 
the transaction only with the assent of a majority, or the number 
required under applicable State law, of the votes of the holders of the 
capital stock of that corporation entitled to vote. The vote must occur 
at a regular meeting, or special meeting called for that purpose, of 
those stockholders and the notice of the meeting must indicate its 
purpose.
    (b) A power granted under this subchapter to a carrier or 
corporation is in addition to and changes its powers under its corporate 
charter and under State law. Action under this subchapter does not 
establish or provide for establishing a corporation under the laws of 
the United States.

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109 Stat. 
838.)


                            Prior Provisions

    Provisions similar to those in this section were contained in 
section 11341 of this title prior to the general amendment of this 
subtitle by Pub. L. 104-88, Sec. 102(a).
    A prior section 11321, Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1432, 
related to limitations on ownership of certain water carriers, prior to 
the general amendment of this subtitle by Pub. L. 104-88, Sec. 102(a).
