Page:United States Statutes at Large Volume 90 Part 2.djvu/1156

 90 STAT. 2624

PUBLIC LAW 94-555—OCT. 19, 1976 (c) Section 505(b)(4) of the Kegional Kail Reorganization Act of 1973 (45 U.S.C. 775(b)(4)) is amended by adding at the end thereof the following new sentence: "This paragraph shall not apply to any noncontract employee whose noncontract position has been abolished.". UNITED STATES RAILWAY ASSOCIATION BOARD M E M B E R S H I P

SEC. 211. (a) Section 102(16) of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 702(16)) is amended by striking out "the duly authorized representatives of either of them" and inserting in lieu thereof ", in his absence, the Deputy Secretary of Transportation". (b) Section 201(d)(2) of such Act (45 U.S.C. 711) is amended by striking out "their duly authorized representatives" and inserting in lieu thereof "the Deputy Secretary of Transportation, the Vice Chairman of the Commission, or the Deputy Secretary of the Treasury, as the case may be". (c) Section 201(h) of such Act (45 U.S.C. 711(h)) is amended by striking out the second sentence thereof. (d) Section 201(i) of such Act (45 U.S.C. 711 (i)) is amended, in the first sentence thereof, by striking out "duly authorized representatives" and inserting in lieu thereof "Deputy Secretaries". (e) Section 201(j)(4) of such Act (45 U.S.C. 711 (j)(4)) is amended to read as follows: "Any reference in this Act to the Secretary of the Treasury is to the Secretary of the Treasury or the person who is at the time performing the duties of the Office of the Secretary of the Treasury in accordance with law or, in his absence, the Deputy Secretary of the Treasury. Any reference in this Act to the Chairman of the Commission is to the Chairman of the Commission or the person who is at the time performing the duties of the Chairman of the Commission in accordance with law.". F I N A N C I A L ASSISTANCE

Ante, p. 71.

SEC. 212. (a) Section 505(a) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 825(a)) is amended to read as follows: "SEC. 505. (a) IN GENERAL.—Any railroad may apply to the Secretary, following the date of enactment of this Act and in accordance with regulations promulgated by the Secretary, for financial assistance for facilities rehabilitation and improvement financing and for such other financial assistance as may be approved by the Secretary. Any regulations promulgated by the Secretary pursuant to this section shall include specific and detailed standards in accordance with which the Secretary shall conduct the evaluations and make the determinations required in subsection (b)(2) of this section.". PRIORITY OF REDEEMABLE PREFERENCE SHARES

Ante, p. 73.

SEC. 213. Section 506(a)(2) of the Railroad Revitalization and Regulatory Reform Act of 1976 (45 U.S.C. 826(a)(2)) is amended— (1) in clause (i) thereof, by inserting immediately after "whenever issued," the following: "except that the Secretary may make any such redeemable preference share subordinate to any common stock which was issued as a result of an exchange for securities which were senior in right to common stock, if (I^ such exchange took place pursuant to a court-approved reorganization plan under section 77 of the Bankruptcy Act (11 U.S.C.

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