
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: 49USC24304]

 
                        TITLE 49--TRANSPORTATION
 
                        SUBTITLE V--RAIL PROGRAMS
 
                    PART C--PASSENGER TRANSPORTATION
 
                           CHAPTER 243--AMTRAK
 
Sec. 24304. Employee stock ownership plans

    In issuing stock pursuant to applicable corporate law, Amtrak is 
encouraged to include employee stock ownership plans.

(Pub. L. 103-272, Sec. 1(e), July 5, 1994, 108 Stat. 908; Pub. L. 105-
134, title IV, Sec. 415(a)(1), Dec. 2, 1997, 111 Stat. 2590.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised  Section                    Source (U.S. Code)              
 Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
24304(a)..............................  45:544(a) (1st sentence, last    Oct. 3
0, 1970, Pub. L. 91-518, Sec.
                                         sentence words before (A), (A)   304(a
), 84 Stat. 1331; Aug. 13, 1981,
                                         (1st sentence), (B)(i) (1st      Pub. 
L. 97-35, Sec.  1175(1), (2), 95
                                         sentence)).                      Stat.
 691.
24304(b)..............................  45:544(a) (2d sentence).
                                        45:544(b).                       Oct. 3
0, 1970, Pub. L. 91-518, Sec.
                                                                          304(b
), 84 Stat. 1332; Oct. 28, 1974,
                                                                          Pub. 
L. 93-496, Sec.  2, 88 Stat.
                                                                          1526.
24304(c)..............................  45:544(a) (last sentence words
                                         before (A), (A) (last
                                         sentence), (B)(i) (last
                                         sentence), (ii), (iii)).
24304(d)(1)...........................  45:544(c)(1), (2).               Oct. 3
0, 1970, Pub. L. 91-518, Sec.
                                                                          304(c
)(1), (2), 84 Stat. 1332;
                                                                          resta
ted Aug. 13, 1981, Pub. L. 97-35,
                                                                          Sec. 
 1175(3), 95 Stat. 691.
24304(d)(2)...........................  45:544(c)(3).                    Oct. 3
0, 1970, Pub. L. 91-518, 84 Stat.
                                                                          1327,
 Sec.  304(c)(3); added Apr. 7,
                                                                          1986,
 Pub. L. 99-272, Sec.  4003, 100
                                                                          Stat.
 107.
24304(d)(3)...........................  45:544(c)(4).                    Oct. 3
0, 1970, Pub. L. 91-518, 84 Stat.
                                                                          1327,
 Sec.  304(c)(4); added Oct. 27,
                                                                          1992,
 Pub. L. 102-533, Sec.  5, 106
                                                                          Stat.
 3517.
24304(e)..............................  45:544(e)(2).                    Oct. 3
0, 1970, Pub. L. 91-518, Sec.
                                                                          304(d
), (e), 84 Stat. 1332; restated
                                                                          Aug. 
13, 1981, Pub. L. 97-35, Sec.
                                                                          1175(
4), 95 Stat. 691.
24304(f)..............................  45:544(d).
24304(g)..............................  45:544(e)(1).
-------------------------------------------------------------------------------
---------------------------------

    In subsection (a), before clause (1), the words ``issue and'' are 
omitted because they are included in ``have outstanding''. The words 
``in such amounts as it shall determine'' are omitted as surplus. The 
words ``one issue of common stock and one issue of preferred stock'' are 
substituted for ``two issues of capital stock, a common and a 
preferred'' for clarity. In clause (1), the word ``designated'' is 
omitted as surplus.
    In subsection (b)(1)(A), the words ``may not hold'' are substituted 
for ``may be issued and held only by any person other than'' to 
eliminate unnecessary words.
    In subsections (b)(1)(B) and (c), the words ``as defined in section 
10102(6) of title 49'' are omitted because of the definition of ``rail 
carrier'' in section 24102 of the revised title.
    In subsection (b)(1)(B), the words ``after the initial issue is 
completed'' are omitted as executed. The words ``single'' and ``directly 
or indirectly through subsidiaries or affiliated companies, nominees, or 
any person subject to its direction or control'' are omitted as surplus. 
The words ``may vote not more than one-third of the total number of 
shares of outstanding common stock of Amtrak'' are substituted for ``At 
no time . . . shall the aggregate of the shares of common stock of the 
Corporation voted by . . . exceed 33\1/3\ per centum of such shares 
issued and outstanding'' to eliminate unnecessary words.
    In subsection (b)(2), the words ``Additional common stock'' are 
substituted for ``a number of shares in excess of 33\1/3\ per centum of 
the total number of common shares issued and outstanding, such excess 
number'' to eliminate unnecessary words. The words ``issued and'' are 
omitted because they are included in ``outstanding''.
    Subsection (c)(1) is substituted for ``Dividends shall be fixed at a 
rate not less than 6 per centum per annum, and shall be cumulative'' to 
eliminate unnecessary words.
    In subsection (c)(2), the text of 45:544(a) (last sentence) (A) 
(last sentence) and the words ``for any dividend period'' and ``at the 
rate fixed in the articles of incorporation'' are omitted as surplus.
    In subsection (c)(3), the words ``holders of preferred stock'' are 
substituted for ``preferred stockholders'', and the words ``holders of 
common stock'' are substituted for ``common stockholders'', for 
consistency in this chapter.
    In subsection (c)(4), the words ``at such time and upon such terms 
as the articles of incorporation shall provide'' are omitted as surplus.
    In subsection (d)(1), the text of 45:544(c)(1) and the words 
``Commencing on October 1, 1981'' are omitted as executed. The words 
``and in consideration of receiving further Federal financial 
assistance'', ``of the United States Government'', ``additional'', and 
``of funds'' are omitted as surplus.
    In subsection (d)(3), the words ``required to be issued'' are 
omitted as surplus.
    Subsection (e) is substituted for 45:544(e)(2) to eliminate 
unnecessary words.
    In subsection (f), the words ``in addition to the stock authorized 
by subsection (a) of this section'', ``securities, bonds, debentures, 
notes, and other'', and ``as it may determine'' are omitted as surplus.
    Subsection (g) is substituted for 45:544(e)(1) to eliminate 
unnecessary words.


                               Amendments

    1997--Pub. L. 105-134 amended section catchline and text generally, 
substituting provisions relating to employee stock ownership plans for 
provisions relating to capitalization of Amtrak.


                              Amtrak Stock

    Pub. L. 105-134, title IV, Sec. 415(b), (c), Dec. 2, 1997, 111 Stat. 
2590, provided that:
    ``(b) Redemption of Common Stock.--Amtrak shall, before October 1, 
2002, redeem all common stock previously issued, for the fair market 
value of such stock.
    ``(c) Elimination of Liquidation Preference and Voting Rights of 
Preferred Stock.--(1)(A) Preferred stock of Amtrak held by the Secretary 
of Transportation shall confer no liquidation preference.
    ``(B) Subparagraph (A) shall take effect 90 days after the date of 
the enactment of this Act [Dec. 2, 1997].
    ``(2)(A) Preferred stock of Amtrak held by the Secretary of 
Transportation shall confer no voting rights.
    ``(B) Subparagraph (A) shall take effect 60 days after the date of 
the enactment of this Act.''
