Page:United States Statutes at Large Volume 44 Part 1.djvu/1685

. 1671. __ TITLE 49.4-3*124 or b_eld'unencu1nb€red `in the treasury or the carrier shall, . » gungequent to the tiling of `sucli application .or·cert1£icate, be gold, pledged, repledg<=:d,‘ or otherwise  of by the cm- E rior; suclrgarrier shall, _Yiu1i_D`tBi1 days nfter suéhisale, pledge, 1·.·pl`edge,. onftzer disposition, Niile with the commission a ·-ee}-. ` titlcate of n cation to that e§ect, isetting forth thereinfall such facts as‘may`bo required by the cominlssion,_ o I I ° I (6) Notice of opplicafion to voooniors or Staie.§*;‘e7ntereqy>1 ii4m,· hcari·ngs.—Upou receipt ot any such application for `miahority tho commission shall `causo notice thereof to.- The ‘- given to land a copy filed with"the governor of eaqh State in ivhich_ the. npplicnnt ca1‘rier_operates» The railroad couimisl sions, public service, or utilities, commissions, or other approprime §ta‘te authorities ot the Stnte shall- have the_right toil may deem just and proper for preservingend conserving the. rights and interests of their people, and the States, réspectiwgelyh involved in suchr proceedings. · The commission rusty hold hearings, if `it sees Ht, to endhle it to determine its decision .upon' the applicationfor authority. ‘ ’ ~ _ - (7) ;Jw~iediétion of_’vomnr£csion»as earolusive ond p;4,»»4»y,..._ The-jurisdiction conferred,-`upon the_"cornm.lssion· by -this section shall be éxcluslve and plenary, end Vu carrier muy. issue, . securities Jsnd assume obligations of"liabilities_ in `accordnnce {vith the provisions of  section °V&iU.l0llt‘S€C\1l'iI1g approval other than as specified herein; “A ·_ - _ (Sl Guaranty of accsritic:.-—Nothin‘g· vhereln shall be construed to imply any 'guaruntyz or-obligation as to suchsecurities on the partof the United States. __ ·" ,~ y i_ _ ·(-by Islwe of short ·term’·note&;`ccrti#cate of notijicntion; pr'm~·i.so.——1‘hc foregoing provisions ot this section shall not apply to notes to bé issued by the carrier maturing not more than two years "aftexythe date thereof and aggregating (to-- ‘gc£her with all other then outstanding notes of n mhturity of two ymrs or lm) not more than 5 per contum ot ;the;par’value of the securities of. the carrier then outstanding. In the case ot securities having“-no par xalue, the par value for the pur- _, v pos& of this paragraph  be the fair mnrket·ra1ue·as oft the 'dute lot issue. Within   days site-r the making of such notes the carrier issuing the mma shallile with-tho com-‘ mission a certificate ot_ notlhcution, in such form as mny from time to time be dotermlnédiand prwcribed by  scttins forth as nénrl! as mw be thesagne matters us those required in  of applications for authority to iasueother soouritim; Provided, That in my `sulisequent funding ot such notes the provisions of this section respeoting other securities shallapn1yQ· ·* ·, o .- — y l `, `. ‘ (10) Reports by carrier: oe to securities or- proceeds.:-—The commlséion shall require- periodical or qecial-’reports from youch carrier issuing any seéuritieayincludlng such notes, which shallshow, lnsuch detail as theoommimlon `mdy require,_the disposition made ot uch ·securiti&   theapplication of the `procemls thereof. . ‘ I H _ (11) Eooairilics issued contrary-to law oo»¢4;'e1Tect;.;>énol¢y.—;-l ADF qocurity issued gg nnpohligation or‘1labill_ty‘n&ur11ed· by ua carrier, for which under,. theprovisionsy ot  section- the authorization ot they commission is required, shall. void, _ if issued or assumed without such authorization. therefor having ilrst been obtninod;" or if lssuedor nssuined contrary ltonny term or condition of  order of nuthorlzntion as modig ded by any order supplemental ·°thereto, enterod- prior to such lssuanoe or assumption; · but no security. issued or- obligation or liability qosumed- or accordance with all the terms, and · conditions oz such-on order of authorization therefor as  tied by any forder supplem.euta1‘ thereto entered prior to such. issuance or assumption; shall be rendered- void becoua ot failure to` comply with any provision of this  i031 relntlnr to procedure and other ;mntt6r•=preced1ng the entry of such order
 * make before the commission such representations as they


 * NS1E01»:1'AT10N·  -22

{ ot. authorization., If any security so made void or`sny.security · I in respect to which the assumption of obligation or- liability is p L so made y0id,· is acquired by any person for value and in .good··faith and without notice that the issue or assumption is {void, such person may in a suit or notion in anylcourt of competent jurisdiction hold jointly l and severally liable for the fullamount of the damage sustained by him in ¤-spec;. ‘ a thereof, thB·(?81‘1fiC1‘. which issued the security so made- voidgwg /or sssumed the obligation or liability so rhode void, sind its S - directors, officers, attorneys, and other agents, who participated in; any Way in the authorizing, issuing, hypothecatingor selling . `of the security so made- void or·in the authorizing- ot. the as-  `C —-sumption of the obligation or liability so Qmade void. In case . sny security- so made {void was directly acquiredtrom the earg, . rier issuing it the holder may lat his option ;1·.esc·ind thetruns- ·. notion and upon the surrender of the, security recover the consicleration given therefor. Any director, omcer, attorney or agent of the carrier who knowingly asserits to or concurs - in`· - C any issue ot securities or assumptions of obligation or liability forbidden by this section, or sny sale or other disposition ot securities contrary to'the provisions `ot the commissions order or orde17s-in the premises, " or any spplication not authorized " by the commission of the funds, derived- by the carrier through —` such sale or-.-other disposition. of- such securities, shall bg guilty. of a misdemeanor gud upon conviction shall be punished by ·a , fine of- not‘1ess’.tha.n $1,000 nor more than _ $10,000,* or by jim- ,_ prisonment for not less than one year.`_11or more than three · yea1:s,··or by both such ine sua imprisonment, in the discretion A 5 0f.t]Zl&C0H1't.P‘ • .· .‘ t_  ‘_ ` . _ (12)_ @?cstqj£ct{ons"· one actions of oytcers ond directors; penqZty.—r—It shall be unlawful for any person to hold the~`position of- omcer or director otjmoro than one carrier,   such holding shall have been authorized by order of the commission,  _, upon due showing, in form and menner prescribed by the com- .5 .missfon, that neither public nor private interests will bé_ ed- n versely a`Hec`ted‘ thereby. It shall be unlawful for any Qmcer . or direetoi·- of- any .csu·rier· to receive for his own benent,, -· directly of indirectly, any money or thing of value in rmpect of_ the negotiation, . hypothecstion, or ss.1e_`0i. any swurities. f· issued or to, be issued by ‘ such etrrier, or · to share in any- of - > the proceedsthereot, or to   in the making or mytng _ of any dividends or an operatingcarrier fromnny -funds--prop- ‘ _ erly included   capitol account.   violation of these pro-   “Q _visionsshn1l. be 1 misdemeanor,. and on-.com*i5:tion 1¤‘-any · _Uii1ted Stotw mmensving jurisdiction shall  ptmtsneq. by _- _ a; dns  of not { less '_th&¤"$1,000 nor more {hw _§lQ,000, _ or by ' imprisonment for not°1$s than one year nor more than three `- years, or by`both such iinessnd imprisonment, in the discretion of the court. ‘ (Feb. 28, 1920, c. 91, § 439, 41 Stst. 494.) _- · 21. Annual report of oommission.¥e'1*he commimion shall, one or before. the Erst day of December in each yes:. make 8 revert. -» which shall be tranmltted to Congress, and copies- of which shall bedistribnted as nre .thé` other'; reports transmitted to Congress. This report _‘shs.ll contain such information and dots collected by—‘the commission as may   considered ot vsluewin the determination of questions connected with, thef rmulation of commercektogether with such recommendations as to. additional legislation relatini thereto as the conmmiwion  may deem ‘n ary; snd. the nomes snd compensogion of the persons employed by said commission. (Feb. _4, 1887, c. 10-1, § 21,- 24W Stat. 387 ; Mar. 2, 1889,;%.  S 8. 25 Stat.   _ ‘ 22. Restrictions; interchangeable gnilesgo or- scrip.—-(1)_ Re- · ~ stHctio¢u.—Nothing -in this chapter shall prevent the cnrrlske, storage, or handttng W of property free or at- reduced rates for the United Stsites, State, or municipal goyerne ments,  for chnritable purposes, . or to or from tsirs and expositions f&·=exhibition thereut, or tlxefreel carriageof destttote and homeless persons- transported by charitable- socis