Page:United States Statutes at Large Volume 100 Part 3.djvu/98

 100 STAT. 1906

PUBLIC LAW 99-509—OCT. 21, 1986

Subpart C—Miscellaneous Technical and Conforming Amendments and Repeals 45 USC 1341. Effective date. ,,.(.,

Securities.

Effective date.

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53; Post, p. 1908. 45 USC 711. 45 USC 713. 45 USC 719. 45 USC 726.

SEC. 4031. ABOLITION OF UNITED STATES RAILWAY ASSOCIATION. (a) ABOLITION AND TERMINATION.—(1) Effective April 1, 1987, the United States Railway Association is abolished. (2) On January 1, 1987, all powers, duties, rights, and obligations of such association relating to the Corporation under the Regional Rail Reorganization Act of 1973 (45 U.S.C. 701 et seq.) shall be transferred to the Secretary of Transportation. (3) The sole function of the United States Railway Association after January 1, 1987, shall be the termination of its affairs and the liquidation of its assets. (b) TRANSFER OF SECURITIES AND RESPONSIBILITIES.—(1) Any securities of the Corporation held by the United States Railway Association shall, upon the date of the enactment of this Act, be transferred to the Secretary of Transportation. (2) If, on the date the United States Railway Association is abolished under subsection (a), such association shall not have completed the termination of its affairs and the liquidation of its assets, the duty of completing such winding up of its affairs and liquidation shall be transferred to the Secretary of Transportation, who for such purposes shall succeed to all remaining powers, duties, rights, and obligations of such association. (c) FINANCING AGREEMENT.—(1) On January 1, 1987, the Amended and Restated Financing Agreement, dated May 10, 1979, between the United States Railway Association and the Corporation, together with any and all rights and obligations of or on behalf of any person with respect to such agreement, shall terminate and be of no further force or effect, except for those provisions specifying terms and conditions for payments made to the United States with respect to debentures, preferred stock, and contingent interest notes. (2) Effective as of the sale date, those provisions of the Financing Agreement referred to in paragraph (1) shall terminate. SEC. 4032. APPLICABILITY OF REGIONAL RAIL REORGANIZATION ACT OF 1973 TO CONRAIL AFTER SALE. Section 301 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 741) is amended by adding at the end thereof the following new subsection: "(k) GOVERNING PROVISIONS AFTER SALE.—The provisions of this Act shall not apply to the Corporation and to activities and other actions and responsibilities of the Corporation and its directors and employees after the sale date, other than with regard to— "(1) section 102; "(2) section 201(d); "(3) section 203, but only with respect to information relating to proceedings before the special court established under section 209(b); "(4) section 209, other than subsection (f) thereof; "(5) section 216(f)(8), but only as such authority applies to activities related to the ESOP and related trust before the sale date; "(6) section 216(f)(9), but only as such indemnification applies to activities relating to the ESOP and related trust before the sale date;

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