Page:United States Statutes at Large Volume 90 Part 1.djvu/151

 PUBLIC LAW 9 4 - 2 1 0 — F E B. 5, 1976

90 STAT. 101

sistent with the final system plan, of rail properties from the Corporation to a subsidiary thereof. E a c h proposal (other than a proposal developed by the Association) shall be submitted in writing to the Association and shall state and describe any transactions proposed, the rail properties involved, the parties to such transactions, the financial and other terms of such transactions, the purposes of the Act or the goals of the final system plan intended to be effectuated by such transactions, and such other information incidental thereto as the Association may prescribe. W i t h i n 10 days after receipt of'a proposal Publication in developed by the Secretary, and upon the development of a proposal Federal Register. developed by the Association, the Association shall publish a summary of such proposal in the Federal Register, and shall afford interested persons (including the Corporation when property is to be transferred to or from the Corporation) an opportunity to comment thereon. " (b) EVALUATION BY ASSOCIATION.—The Association shall analyze

each proposal containing one or more supplemental transactions, taking into account the comments of interested persons and statements and exhibits submitted at any public hearings which may have been held. The Association shall, within 120 days after the publication of a summary thereof under subsection (a) of this section, publish in the Federal Register a report evaluating such proposal. Such evaluation shall state whether the supplemental transactions contained in such proposal, considered in their entirety, are (1) in the public interest and consistent with the purposes of this Act and the goals of the final system plan, and (2) fair and equitable. I f the Corporation opposes, or seeks modification of, any such proposed transfer, its written comments shall be given due consideration by the Association and shall be published as part of the evaluation. W i t h i n 30 days after the Association publishes its report, each proposed transferor or transferee shall notify the Association in writing as to whether any proposed supplemental transaction requiring the transfer of any property from or to such transferor or transferee is acceptable to such proposed transferor or transferee. I f any such proposed transferor (other than the Corporation) or transferee fails to notifv the Association that any proposed supplemental transaction requiring the transfer of any property from such transferor or to such transferee is acceptable to it, no further administrative or judicial proceedings shall be conducted with respect to such proposed supplemental transaction. " (c) REVIEW BY THE COMMISSION.—Within 90 days after the publi-

cation in the Federal Register of each report referred to in subsection (b) of this section, the Commission shall determine whether the supplemental transactions referred to in the report, considered in their entirety, would be in the public interest and consistent with the purposes of this Act and the goals of the final system plan. I n making such determination, the Commission shall give d u e consideration to the views received by it, within 30 days after the publication of the applicable report, from the Corporation and the Secretary. The Commission may condition its approval of such supplemental transactions on such reasonable terms and conditions as it may deem necessary in the public interest. The approval by the Commission of such supplemental transactions shall not be a prerequisite to the consummation of such transactions, b u t any determination of the Commission modifying, approving, or disapproving any proposed supplemental transactions shall be ^ v e n due weight and consideration by the special court in the proceedings prescribed in subsection (d) of this section. I f the Commission fails to act within the time period provided in this sub-

Publication in Federal Register.

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