Page:United States Statutes at Large Volume 109 Part 1.djvu/859

 PUBLIC LAW 104-88 —DEC. 29, 1995 109 STAT. 843 for a lesser period of time by the rail carrier before the action became effective, for that lesser period). "(b) When approval is sought under sections 11324 and 11325 Severance pay. for a transaction involving one Class II and one or more Class III rail carriers, there shall be an arrangement as required under subsection (a) of this section, except that such arrangement shall be limited to one year of severance pay, which shall not exceed the amount of earnings from the railroad employment of that employee during the 12-month period immediately preceding the date on which the application for approval of such transaction is filed with the Board. The amount of such severance pay shall be reduced by the amount of earnings from railroad employment of that employee with the acquiring carrier during the 12-month period immediately following the effective date of the transaction. The parties may agree to terms other than as provided in this subsection. "(c) When approval is sought under sections 11324 and 11325 for a transaction involving only Class III rail carriers, this section shall not apply. ''§ 11327. Supplemental orders "When cause exists, the Board may make appropriate orders supplemental to an order made in a proceeding under sections 11322 through 11326 of this title. ^§ 11328. Restrictions on officers and directors "(a) A person may hold the position of officer or director of more than one rail carrier only when authorized by the Board. The Board may authorize a person to hold the position of officer or director of more than one of those carriers when public or private interests will not be adversely affected. "(b) This section shall not apply to an individual holding the position of officer or director only of Class III rail carriers. "CHAPTER 1I5~FEDERAL-STATE RELATIONS "Sec. "11501. Tax discrimination against rail transportation property. "11502. Withholding State and local income tax by rail carriers. "§11501. Tax discrimination against rail transportation property "(a) In this section— "(1) the term 'assessment' means valuation for a property tax levied by a taxing district; "(2) the term 'assessment jurisdiction' means a geographical area in a State used in determining the assessed value of property for ad valorem taxation; "(3) the term 'rail transportation property* means property, as defined by the Board, owned or used by a rail carrier providing transportation subject to the jurisdiction of the Board under this part; and "(4) the term 'commercial and industrial property means property, other than transportation property and land used primarily for agricultural purposes or timber growing, devoted to a commercial or industrial use and subject to a property tax levy.

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