49-U.S.C.-11323
§11323 – Consolidation, Merger, and Acquisition of Control
Pathway
Title 49 > Subtitle IV > Part A > Chapter 113 > Subchapter II > Section 11323
Details
- Reference: Section 11323
- Legend: §11323 – Consolidation, Merger, and Acquisition of Control
- USCode Year: 2013
Provision Content
(a) The following transactions involving rail carriers providing transportation subject to the jurisdiction of the Board under this part may be carried out only with the approval and authorization of the Board:
(1) Consolidation or merger of the properties or franchises of at least 2 rail carriers into one corporation for the ownership, management, and operation of the previously separately owned properties.
(2) A purchase, lease, or contract to operate property of another rail carrier by any number of rail carriers.
(3) Acquisition of control of a rail carrier by any number of rail carriers.
(4) Acquisition of control of at least 2 rail carriers by a person that is not a rail carrier.
(5) Acquisition of control of a rail carrier by a person that is not a rail carrier but that controls any number of rail carriers.
(6) Acquisition by a rail carrier of trackage rights over, or joint ownership in or joint use of, a railroad line (and terminals incidental to it) owned or operated by another rail carrier.
(b) A person may carry out a transaction referred to in subsection (a) of this section or participate in achieving the control or management, including the power to exercise control or management, in a common interest of more than one of those rail carriers, regardless of how that result is reached, only with the approval and authorization of the Board under this subchapter. In addition to other transactions, each of the following transactions are considered achievements of control or management:
(1) A transaction by a rail carrier that has the effect of putting that rail carrier and person affiliated with it, taken together, in control of another rail carrier.
(2) A transaction by a person affiliated with a rail carrier that has the effect of putting that rail carrier and persons affiliated with it, taken together, in control of another rail carrier.
(3) A transaction by at least 2 persons acting together (one of whom is a rail carrier or is affiliated with a rail carrier) that has the effect of putting those persons and rail carriers and persons affiliated with any of them, or with any of those affiliated rail carriers, taken together, in control of another rail carrier.
(c) A person is affiliated with a rail carrier under this subchapter if, because of the relationship between that person and a rail carrier, it is reasonable to believe that the affairs of another rail carrier, control of which may be acquired by that person, will be managed in the interest of the other rail carrier.
(Added Pub. L. 104–88, title I, §102(a), Dec. 29, 1995, 109 Stat. 838.)
Prior Provisions
Provisions similar to those in this section were contained in section 11343 of this title prior to the general amendment of this subtitle by Pub. L. 104–88, §102(a).
A prior section 11323, Pub. L. 95–473, Oct. 17, 1978, 92 Stat. 1433; Pub. L. 99–521, §10(a), (b)(1), Oct. 22, 1986, 100 Stat. 2997, related to limitation on ownership of other carriers by household goods freight forwarders, prior to the general amendment of this subtitle by Pub. L. 104–88, §102(a).
U.S. Encyclopedia of Law Coverage
49-U.S.C.-11124 in the Legal Encyclopedia: Transportation
In this entry about 49-U.S.C.-11124, find legal reference material, bibliographies and premiere content related to transportation in the American Encyclopedia of Law, presenting a comprehensive view of the United States transportation-specific issues, written by authorities in the field.
Subchapter I – Equipment Trusts and Security Interests in the Legal Encyclopedia: Interstate Transportation
In this entry about Subchapter I – Equipment Trusts and Security Interests, find legal reference material, bibliographies and premiere content related to interstate transportation in the American Encyclopedia of Law, presenting a comprehensive view of the United States interstate transportation-specific issues, written by authorities in the field.
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