Page:United States Statutes at Large Volume 48 Part 1.djvu/243

 73d CONGRESS. SESS. I. CH. 91. JUNE 16, 1933 . 217 SEC. 17. This title shall cease to have effect at the end of one year D †ationnotitle. after the effective date, unless extended by a proclamation of the lamation. President for one year or any part thereof, but orders of the Coordi- Post, p. 1740. nator or of the Commission made thereunder shall continue in effect Continuing effective- ness of Coordinator's until vacated by the Commission or set aside by other lawful author- ord ers. ity, but notwithstanding the provisions of section 10 no such order shall operate to relieve any carrier from the effect of any State law or of any order of a State commission enacted or made after this title ceases to have effect. TITLE II-AMENDMENTS TO INTERSTATE COMMERCE TITLE 11-Interstate amend- ACT Commerce Act amend- ments. SECTION 201. Section 5 of the Interstate Commerce Act, as amended vol.afl, p. 380. (U .S .C ., title 49, sec . 5), is amended by striking out paragraphs (2) u. sS c., p. 1655. and (3) and by renumbering paragrap,is (4) and (5) as paragraphs (2) and (3), respectively, and by striking out the last sentence of the paragr aph so renum bered as pa ragrap h (3). SEC. 202. Such section 5 is further amended by striking out soC mbinattion, con parag raphs (6), (7), and (8), and by inserting in lieu thereof the following paragraphs : "(4) (a) It shall be lawful, with the approval and authorization Mergers autho rized . of the Commission, as provided in subdivision (b), for two or more carrier s to co nsolida te or merge t heir pr operti es, or any par t ther eof, into one corporation for the ownership, management, and operation of the properties theretofore in separate ownership ; or for any carrier, or two or more carriers jointly, to purchase, lease, or con- Contract to operate tract to operate the properties, or any part thereof, of another another's prop erties. for any carrier, or two or more carriers jointly, to acquire control Acquire co ntr ol, through purchase of of another through purchase of its stock ; or for a corporation which stock . is not a carrier to acquire control of two or more carriers through et Holding companies, ownership of their stock ; or for a corporation which is not a carrier and which has control of one or more carriers to acquire control of another carrier through ownership of its stock. " (b) Whenever a consolidation, merger, llease, ope rating Application for au- y purchase, 7 thority to be made to contract, or acquisition of control is proposed under subdivision (a), commission . the car rier or carrie rs or corpora tion se eking authori ty ther efor s hall present an application to the Commission, and thereupon the Coin- 'Qotices to governors mission shall notify the Governor of each State in which any part of"states, etc. of the properties of the carriers involved in the proposed transaction is situated, and also such carriers and the applicant or applicants, Approval, if in bar- of the time and place for a public hearing. If after such hearing mon y with Commis- the Commission finds that subject to such terms and conditions and lion's plan, and in pub- such mo dificat ions as it sh all fin d to be just and rea sonable, the pro- lic interest. posed consolidation, merger, purchase, lease, operating contract, or acquisition of control will be in harmony with and in furtherance of t he p lan for the cons olid atio n of rai lway pro pert ies esta blis hed pursuant to paragraph (3), and will promote the public interest, it may enter an o rder approvin g and authori zing such cons olidation, Terms and cnn di- merger, purcha se, lea se, op erating contra ct, or acquis ition o f cont rol, eons. upon the terms and conditions and with the modifications so found to be just and reasonable. (5) Whenever a corporation which is not a carrier is authorized, Holding company cc t ac Holding qu iring contro l of by an order entered under paragraph (4), to acquire control of any carriers. carrier or of two or more carriers, such corporation thereafter shall, to the extent provided by the Commission, for the purposes of para- graphs (1) to (10), inclusive, of section 20 (relating to reports, Supervision of Com- accounts, and so forth, of carriers), including the penalties appli-
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