Page:United States Statutes at Large Volume 109 Part 1.djvu/855

 PUBLIC LAW 104^88—DEC. 29, 1995 109 STAT. 839 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 giffiliated 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 rsdl 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. ^§ 11324. Consolidation, merger, and acquisition of control: conditions of approval "(a) The Board may begin a proceeding to approve and authorize a transaction referred to in section 11323 of this title on application of the person seeking that authority. When an application is filed Notification, with the Board, the Board shall notify the chief executive officer of each State in which property of the rail carriers involved in the proposed transaction is located and shall notify those rail carriers. The Board shall hold a public hearing unless the Board determines that a public hearing is not necessary in the public interest.

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