Page:United States Statutes at Large Volume 92 Part 2.djvu/150

 92 STAT. 1430

Reports to Interstate Commerce Commission.

49 USC 11302.

Ante, p. 1361.

49 USC 11303.

PUBLIC LAW 95-473—OCT. 17, 1978 (D) will not impair the financial ability of the carrier to provide the service. (2) An application or certificate must be made under oath and signed and filed for the carrier by a designated executive officer who knows the matters stated in the application or certificate. On receipt of an application of a carrier under this section, the Commission shall have a copy of the application served on the chief executive officer of each State in which that carrier operates. The appropriate authorities of those States are entitled to be admitted as parties to a proceeding under this section to represent the rights and interests of their people and States. (e) The Commission shall require a carrier that issues securities, including notes, under this section to submit reports to it. The reports must identify the disposition of those securities and the application of the proceeds from their disposition. (f) This section does not imply a guaranty or obligation of those securities by the United States Government. This section does not apply to securities issued or obligations or liabilities assumed by the United States Government, a State, or an instrumentality or political subdivision of one of them. § 11302. Issuance of securities and assumption of obligations and liabilities by motor carriers (a) Except as provided in this section, section 11301 of this title applies to— (1) motor carriers providing transportation subject to the jurisdiction of the Interstate Commerce Commission under subchapter II of chapter 105 of this title; (2) corporations organized to provide transportation as carriers subject to the jurisdiction of the Commission under that subchapter; and (3) corporations authorized by the Commission to acc[uire control of at least one motor carrier subject to its jurisdiction under that subchapter. (b) Section 11301 of this title does not apply when the total value of capital stock (or principal amount of other securities to be issued) and the value of capital stock and principal amount of other securities then outstanding is not more than $1,000,000, or to notes of a maturity of not more than 2 years that aggregate not more than $200,000. Notes that, with other outstanding notes of a maturity of not more than 2 years, aggregate that amount may be issued without regard to the percentage limitations applicable under section 11301 (b)(2) of this title. The value of capital stock having no par value is the fair market value on the date of issue of that stock, and the value of capital stock that has a par value is the fair market value on the date of issue or the par value, whichever is greater. (c) This section does not apply to the United States Government, a State, or an instrumentality or political subdivision of one of them. § 11303. Equipment trusts: recordation; evidence of indebtedness (a) A mortgage (other than a mortgage under the Ship Mortgage Act, 1920), lease, equipment trust agreement, conditional sales agreement, or other instrument evidencing the mortgage, lease, conditional sale, or bailment of railroad cars, locomotives, or other rolling stock or vessels, intended for a use related to interstate commerce may be filed with the Interstate Commerce Commission. An assignment of a right or interest under one of those instruments and an amendment to that

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