Page:United States Statutes at Large Volume 44 Part 1.djvu/1669

 `1655 ~TI¤lfLE g§9.————T‘RAN Shall have authority by order to approve and authorize, in 0 assented to by all Tthe carriers involved, such division of ti trgdic or earnings, under such rules and ~ regulations, and rep n such consideration? as between such carriers and upon such v ` terms and conditions, as shall be found by the commission to -.u he just and_reasonable` in the premises; ~_. _ ’ · (2) — Acquisition of control of one carrier by another.—When· u _ over the commission is of opinion, after hearing, upon applica-` t· It tion of any carrieror carriers engaged in the transportation ot ti passengers ei property subject to this chapter, that the nc- s quisltion, to. the extent lndicated by the commission, by one of ii such cardcrs ot the control of any_ other such carrier or —car·` I1 — riers either under a leaseor by_ the purchase of stock or in any- t? other manner not involving the consohdation ot such carriers 8 into a single system forownership and operation, will be in the °f public interest, the commission shall have authority- by order ’ C to approve and authorize such acquisition, under such rules and 8 regulations and tor, such. consideration and on such terms and d conditions as shall be found by the commission to be just and t reasonable ·in the premises. . `· Y -  t — `(3) Supplemental ord.cr‘s.—The l commission may from time Il to time, for good cause shown, maketsuch orders, supplemental. _ to any order made under paragraph (1) or °(2), -as.lt‘ may q deem necessary or appropriate. _ . ·_ _ . _ S "_(4) Consolidation or railroads into Limitcdnumber of 8N8·' t tems.-—'1‘he commission fshall as soon as practicable prepare I and adopt a plan for the consolidation of the railway` prop- ‘<! lcrties ot the continental"United States into a limited num- ¢ ber ot systems. In the division of such railways into  such systems under such plan, competition shall be preserved as l· fully as possible and wherever practicable the existing routes _1 and channels of trade and commerce shall be maintained. g Subject to the foregoing requirements, the several systems S shall be so arranged that the cost of transportation asa beg ·l, `tween conxpetltive systems and as related to the values of -'1 the properties throught which the service. is rendered shall be Zo the same, so tar as practicable, so that these systems can em-` d ploy uniform rates in the movement of competitive. tramc and a .nnder emclent. management earn substantially the same rate » _ oi return upon the value ot their respective railway properties. I (5) Tentative plan of. consolidation; hoodnirc; adoption ond ti publication.-When the commission - has agreed upon a~ tentag a tive plan, it shall give the same due publicity and- upon ·reasonL p able notice, inc1udl.ng` notice to the governor of each State, a shall bmr all persons who may the or prwent objections thereto. _ t The commission is authorized to prescribe a procedure for such o and to Bx a-time for bringing them to a close. After v the harinu are at an end, the commlssion shall adopt a plan ·t: for such consolidation and publish the same; but it may at any si time thereafter, éupon its own motion or upon application, e reopen the subject for such changes or ·!110dlHt2§:¤0I18 as in Q its judgment, will promote the public interest. The consollda· ll tions herein provided for shall be in harmony with such plan. il (6) Consolidation of- railroads by a,greemon¢.·-—··-It shall be 0 lawful for two or more carriers by- railroad, subject to this- U chapter, to consolidate their properties or any part thereof, _U into one corporation for the ownershlp, management, and U opera tion ot the properties tlneretotore in separate ownership, il management, and operation, under the following conditions: 0 (a) The propomd conmlldation must he an harmony with ¤ and in furtherance ot the complete plan ot consolidation men- 8* tioned in paragraph (5) and must be approved? by the com- $* mission; _ · - W r. _ lz (b) The bonds at phr of the corporation which is to become = the owner ot the consolidated properties, together with the out- ”hl ,_ standing capital stock at par ot such corporation, shall not c4 exceed the value of the consolidated properties as determined ca by the commission. The value of the properties sought to boa ”o1

sronm;r10N .. § 5 onsolidated shall be ascertained by the cominission under seclon 19a»oI`this chapter, andhit lshall be theduty of the com·— ulssion to proceed ilnxmedintely to the ascertainment of such alue- for the properties involved in a proposed consolidation ‘ [pon the {lling of thenapplication for auch consolidation. v (c) ·Whenever two or- more carriers propose a` consolidation lnder thiesection; they shall present their application therefor ~ 0" the commission, and thereupon the coxnniission shall fnotify he governor of (each_State‘ in which any `part. of the properties ought. to Qbe consolidated .is~— situated and the carrie·rs·involved n the proposed consolidation, of the time and place for a oublic hearing. flf after such hearing the commission. finds hat. the publieinterest will be promoted by the consolidation md that the conditions or thisi section have been or will be ullllled, it may enteran order approving and authorizing such -. xmeolidation, with such modifications and upon ;euel1 terms lnd conditions as it may prescribe, and thereupon auch consolil lation may be eiected, in accordance with such order, -it all he carriers involved assent thereto, the law of any State or he decision or order of- any state authority to the contrary notwithstanding, - o .· . ` (.7) Consolidation of erpreaa companies.-—'1‘he power and luthority of the commission to `approve and anthoriae the conaolidation of two or more carriers shall extend and apply to he consolidation of four express companies into the American Railway. Exprms Company, a Delaware corporation} if appli-· ration forsuch approval and authority is made to theaeomxnie lion within thirty days after February 28, 1920. - ` (8) Carriers airccted, relieved from operation of antitrust l awaQ`etc.e-—'1'he carriers atected by any order made under the bregoing provisions `of_ this section and `any corporation orranlzed to elfect a conaolldation approved- and authoriized in auch orderare relieved from the operation ot. the "" antitrust aws,2!* as `designated in section 12 ot Title 15; C(lll1!H€!`C€"-3.?l(l L‘rade,· and of all other restraints or prohibitions by law, State ._ »r`Federal,. in s0· far as may be necessary to enable them to lo anythlng authorized or reqnirednby any order made under lnd pursuant to the foregoing sprovlsiona of this section. (9) Acquisition or co·»;sol£dat¥on” o[ telephone eotnpanieeei- Jpon application of one or more telephone companies for anhority to consolidate their properties or ln Daft thereof into . éingle company, or, for anthorlty for one or- more such comlanles to acquire the whole or any part of the property of .nother telephone company or_ other telephonee companies or he control thereof by the purchase ofaecnrlties or by lease ·r in any other like manner; when such consolidated company would be eulijéct to this chapter, the commission Shall ilx n line- and placefor a public hearingnpon such application end hall thereupon give reasonable notice in writing to the govrnor of each of the States in which the physical property Bectedj or any part thereof, is situated, and to the State mblic service cornlnieeien or other. regulatory body, if any, lavlng jurisdiction over telephone companies, and to auch ther persons as, it  deem advisable. After such public tearing, if jthe commission unda that the proposed consolidalon, acquisition, or control will be of advantage to the peraom; 0 whom service ls; to be rendered and `in the public interest, ls shall certify to that eifect;. and thereupon any Actor Acts I Qongress making the ¤¥°P0sed transaction unlawful shall otlapply. Nothing in this paragraph contained shall be conlirued as in any wise limiting or restricting the powers of the _ everal Staten an existing on June 10, 1921, to control and regu-. · ate telephone companies. ‘ • “_ (10) _H¢w¢oa9 hztcreat in c0m·pct£n.g ca:·ricr by mater (uiolMted.—·-·—-It shall be unlawful for any railroad coxnpony or other rimmon carrier subject to this chapter to own`,__1eaee, operate, antrol, or have any interest whatsoever ( by stock ownership or tlncrwise, either directly, indirectly, through any holding comj `