Page:United States Statutes at Large Volume 90 Part 2.djvu/1160

 9 0 STAT. 2628

Ante, p. 119. 45 USC 851.

PUBLIC LAW 94-555—OCT. 19, 1976 in order to establish a mortgage lien on such properties for the United States securing such expenditure. Such note and mortgage shall not infringe upon or supersede the authority conferred upon the National Railroad Passenger Corporation by section 701 of this Act. "(f^

E X E M P T I O N AND I M M U N I T Y. — Any

agreement,

security,

or

obligation obtained by the Secretary pursuant to subsection (e) of this section, and any transaction i n connection with any such agreement, security, o r obligation, shall be exempt from the provisions of the Interstate Commerce Act (49 U.S.C. 1 et seq.), the Securities Act of 1933 (15 U.S.C. 77a et seq.), and any other Federal, State, or local law or regulation which regulates securities or the issuance thereof. Any such agreement, security, obligation, or transaction shall enjoy all of the immunities from other laws which section 601 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 791) accords to transactions which are in compliance with or implement the final system plan. The conveyance or transfer of rail properties resulting from any such agreement, security, obligation, or transaction shall enjoy the same exemptions, privileges, and immunities which the Regional Rail Reorganization Act of 1973 (including section 303(e) thereof) accords to conveyances ordered or approved by the special court under section 306(b) of such Act (45 U.S.C. 7 4 3 (b)). "(g)

PROTECTION FROM L I A B I L I T Y. — The Corporation, its

Board

of Directors, and its individual directors shall not be liable to any party for any damages, or in any other manner, by reason of the fact that the Corporation has given or issued a security or obligation to the United States pursuant to the provisions of subsection (e) of this section. The immunity granted by this subsection shall also extend to any agreement entered into by the Corporation pursuant to such subsection (e) and to any transaction in connection with. The United States shall indemnify the Corporation, its B o a r d of Directors, and its individual directors against all costs and expenses (including fees of accountants, experts, and attorneys) actually and reasonably incurred in defending any litigation testing the legal validity of any security, obligation, agreement, or transaction, given, issued, or entered into pursuant to such subsection (e).". DISCONTINUANCE AND ABANDONMENT PROCEDURES

SEC. 218. (a) Section l a (l) of the Interstate Commerce Act (49 TT.S C l a (l)) i'^ -Imended by adding; a t the end thereof the following new sentence: " The authority granted to the Commission under this section shall not apply to (a) abandonment or discontinuance with respect to spur, industrial, team, switching, or side tracks if such tracks are located entirely within one State, or (b) any street, suburban, or interurban electric railway which is not operated as part of a general system of rail transportation.". (b) Section l a (4) of the Interstate Commerce Act (49 U.S.C. l a (4)) is amended— (1) by a d d i n g immediately before the last sentence thereof the following new sentence " I f such certificate is issued without an investigation pursuant to paragraph (3) of this section, actual abandonment or discontinuance may take effect, in accordance with such certificate, 30 days after the date of issuance thereof."; and (2) in the last sentence thereof, by inserting immediately after "issued" the following: "after an investigation pursuant to such paragraph (3)".

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