Page:United States Statutes at Large Volume 90 Part 1.djvu/161

 PUBLIC LAW 94-210—FEB. 5, 1976

90 STAT. I l l

Act of 1976, to acquire all interests in rail lines and related rail prop- Ante, p. 31. erties otherwise conveyed to the Corporation, upon the tender of such interests to it, so as to eliminate any remaining intermediate layers of ownership or interest, such as leaseholds, owned or held by persons who are neither a railroad, a railroad in reorganization, nor controlled by a railroad in reorganization. Any option conditions regarding the purchase price for such interests, in existence since prior to January 2, 1974, shall be deemed to be conclusive of fair and equitable value.". (n) Section 303(c)(3) of such Act (4.5 U.S.C. 743(c)(3)) is amended by adding at the end thereof the following: "The special couit shall also find the amount of the payments, if any, which each profitable railroad has made on behalf of a transferor railroad in reorganization in accordance with section 211(h) of this Act, for which Ante, p. 92. payment the profitable railroad has not been reimbursed, as provided in section 211(h). Notwithstanding any other provision of this paragraph or of paragraph (4), the special court shall order the return to any such profitable railroad from compensation deposited by such profitable railroad pursuant to section 303(a)(2), of any such amount so found together with interest at the rate provided in section 211(h).". (o) Section 303(b)(1) of such Act (45 U.S.C. 743(b)(1)) is amended by striking out "railroad leased" and inserting in lieu thereof "person leased". (p) Section 303(b)(1) of such Act (45 U.S.C. 743(b)(1)) is amended by adding at the end thereof the following: "In any case where the special court orders the trustee or trustees of a railroad in reorganization in the region to execute and deliver deeds or other instruments conveying rail properties to the Corporation or a subsidiary thereof or to a profitable railroad operating in the region or a State or responsible person, those deeds or other instruments may be executed, acknowledged, and delivered on behalf of the trustee or trustees by any person or persons who have been duly authorized to perform such acts on behalf of the trustee or triistees by the district court of the United States or any other court having jurisdiction over the re.^, spective railroad in reorganization in the region. Notwithstanding any provision of State or local law, in any case where deeds or other instruments ha\e been executed, acknowledged, or delivered by a representative of the trustee or trustees of a railroad in reorganization in the region in accordance with the previous sentence, such execution, acknowledgment, and delivery, and the deeds or other instruments to which they pertain, shall have the same legal effect as they would have had if the trustee or trustees had themselves executed, acknowledged and delivered such deeds or other instruments.". (q)(1) Section 303(c)(1)(A)(i) of such Act is amended by inserting after "exchange" the second time it appears the following: "(taking into consideration compensable unconstitutional erosion, if any, which the special court finds to have occurred in the estate of each such railroad, during the bankruptcy proceeding with respect to such railroad)". (2)_ Section 303(c)(1)(A) (ii) of such Act (45 U.S.C. 743(c)(1) (A) (ii)) is amended by inserting immediately after "region," the following: "in exchange for compensation and other benefits accruing to such transferor as a result of such exchange (taking into consideration compensable unconstitutional erosion, if any, which the special court finds to have occurred in the estate of each such railroad, during the bankruptcy proceeding with respect to such railr-oad)". (3) Section 303(c)(2) of such Act (45 U.S.C. 743(c)(2)) is amended by inserting immediately after "reorganization" the second time it appears the following: "(taking into consideration compensa-

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