Page:United States Statutes at Large Volume 100 Part 3.djvu/94

 100 STAT. 1902

PUBLIC LAW 99-509—OCT. 21, 1986

12.5 percent of the interest of the United States in the Corporation that has been sold through public offering. (B) With respect to the period ending June 30, 1987— (i) the first director elected under this paragraph shall replace the member of the board who became a director most recently from among— (I) directors appointed by the United States Railway ..-;'.:';>T such a director, and (II) directors appointed by the Secretary of Transportation, or elected under paragraph (1) to replace such a director; (ii) the second director elected under this paragraph shall ., -.. replace the member of the Board who became a director most recently from among directors described in clause (i)(I) or (II), whichever group the first director replaced under -* this subparagraph was not a member of; and (iii) subsequent directors elected under this paragraph shall replace members alternately from the groups denscribed in clause (i)(I) and (II). (C) With respect to the period beginning July 1, 1987, direc' tors elected under this paragraph shall replace directors appointed by the special court trustees under paragraph (2)(A)(iii), in the order designated by the special court trustees in a list to be issued at the time of such original appointments. (D) With respect to the period beginning on the first date more than 50 percent of the interest of the United States in the Corporation has been sold through public offering and ending when 100 percent of such interest has been sold— (i) all remaining members of the board referred to in paragraph (2)(A)(iii), and ^' "' (ii) with respect to the period ending June 30, 1987, all remaining members of the board, except 3 members ap" '' pointed by the Secretary of Transportation and the Chief Executive Officer and the Chief Operating Officer of the Corporation, shall be replaced by directors elected by the public shareholders of the Corporation. (E) After 100 percent of the interest of the United States in the Corporation has been sold, any remaining directors appointed by the Secretary of Transportation, the United States Railway Association, or the special court trustees referred to under paragraph (2)(A)(iii), shall be replaced by directors elected by the public shareholders of the Corporation. (F) Nothing in this paragraph shall be construed to prohibit any director referred to in this section from being elected as a director by the public shareholders of the Corporation. 5' (4)(A) No director appointed or elected under this section shall be a special court trustee or an employee of the United States, except as elected by the public shareholders of the Corporation. (B) No director appointed or elected under this section shall be an employee of the Corporation, except as provided in para,, graph (2)(A)(ii) or as elected by the public shareholders of the arii Corporation.

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