Page:United States Statutes at Large Volume 100 Part 3.djvu/96

 100 STAT. 1904

PUBLIC LAW 99-509—OCT. 21, 1986

trative powers and penalties set forth in sections 9 and 12 of the 45 USC 359, 362. Railroad Unemployment Insurance Act shall apply as if incorporated herein.". Effective date. (c) REPEAL OF SECTION 701.—Section 701 of the Regional Rail 45 USC 797 and Reorganization Act of 1973 is repealed effective on the sale date. note. Notwithstanding this repeal— Ante, p. 1903. (1) any dispute or controversy regarding benefits under section 701 shall be determined under the terms of the law in effect prior to such repeal; and (2) the Railroad Retirement Board shall take such actions as may be necessary to complete administration and closeout of the section 701 program and the Board is authorized to receive and apply Corporation funds for this purpose. (d) CONTINUING RESPONSIBILITIES.—(1) On and after the sale date, 45 USC 797 note. the Corporation shall provide the protection for its employees described in "Part III, Article III, Employee Protection", of the "Definitive Agreement of September 17, 1985, By and Between Conrail and the Undersigned Representatives of Conrail's Agreement Employees" and Appendix 3 thereto, together with any amendments thereto, or under any other terms and conditions as shall be agreed between the Corporation and the representatives of its employees. (2) The Corporation shall pay, as designated by the Railroad Retirement Board, any remaining benefits under section 701 of the Regional Rail Reorganization Act of 1973 that accrued, but were not disbursed, prior to the sale date. (3) The Railroad Retirement Board shall transfer to the CorporaRecords. tion such information regarding administration of the labor protection program under such section 701 as may be reasonably necessary for the Corporation to discharge its responsibilities under this subsection, including copies of the individual claim records of employees of the Corporation. (4) The United States shall have no liability for benefits under this subsection. 45 USC 797 note.

(e) COMPENSATION FOR WAGES BELOW INDUSTRY STANDARD.—The

Corporation shall pay $200,000,000 to present and former employees subject to collective bargaining agreements, in accordance with the terms and conditions in the Definitive Agreement referred to in subsection (d)(1), or as otherwise agreed between the parties. (f) ESOP TRANSACTIONS.—(1) As soon as practicable after the date Securities. 45 USC 797 note. of the enactment of this Act, the employee stock ownership plan of the Corporation (hereafter in this subsection referred to as the "ESOP") shall be amended to provide that— (A) the shares of the ConRail Equity Corporation preferred stock held by the ESOP shall be surrendered by the ESOP in exchange for an equal number of shares of the common stock of the Corporation, and such common stock of the Corporation shall be allocated by the ESOP to the same persons in the same amounts as the shares of ConRail Equity Corporation preferred stock had been allocated; and (B) the remaining shares of the ConRail Equity Corporation preferred stock held by the Corporation shall be cancelled, and an equal number of shares of the common stock of the Corporation shall be contributed by the Corporation to the ESOP, which shares shall be allocated by the ESOP to persons who are or were ESOP participants in accordance with the formula set forth in section 2 of Article II of Part III of the Definitive

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