45-U.S.C.-742
§742 – Powers and Duties of Corporation
Pathway
Title 45 > Chapter 16 > Subchapter III > Section 742
Details
- Reference: Section 742
- Legend: §742 – Powers and Duties of Corporation
- USCode Year: 2013
Provision Content
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, §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.
U.S. Encyclopedia of Law Coverage
45-U.S.C.-716 in the Legal Encyclopedia: Railroads
In this entry about 45-U.S.C.-716, find legal reference material, bibliographies and premiere content related to railroads in the American Encyclopedia of Law, presenting a comprehensive view of the United States railroads-specific issues, written by authorities in the field.
45-U.S.C.-726 in the Legal Encyclopedia: Regional Rail Reorganization
In this entry about 45-U.S.C.-726, find legal reference material, bibliographies and premiere content related to regional rail reorganization in the American Encyclopedia of Law, presenting a comprehensive view of the United States regional rail reorganization-specific issues, written by authorities in the field.
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