Page:United States Statutes at Large Volume 92 Part 2.djvu/154

 92 STAT. 1434

PUBLIC LAW 95-473—OCT. 17, 1978 SUBCHAPTER III—COMBINATIONS

49 USC 11341.

49 USC 11342.

Ante, pp. 1359, 1361, 1365.

Proceedings. 49 USC 11343.

§ 11341. Scope of authority (a) The authority of the Interstate Commerce Commission under this subchapter is exclusive. A carrier or corporation participating in or resulting from a transaction approved by the Commission under this subchapter may carry out the transaction, own and operate property, and exercise control or franchises acquired through the transaction without the approval of a State authority. A carrier, corporation, or person participating in that transaction is exempt from the antitrust laws and from all other law, including State and municipal law, as necessary to let that person carry out the transaction, hold, maintain, and operate property, and exercise control or franchises acquired through the transaction. However, if a purchase and sale, a lease, or a corporate consolidation or merger is involved in the transaction, the carrier or corporation may carry out the transaction only with the assent of a majority, or the number required under applicable State law, of the votes of the holders of the capital stock of that corporation entitled to vote. The vote must occur at a regular meeting, or special meeting called for that purpose, of those stockholders and the notice of the meeting must indicate its purpose. (b) A power g r a n t ^ under this subchapter to a carrier or corporation is in addition to and changes its powers under its corporate charter and under State law. Action under this subchapter does not establish or provide for establishing a corporation under the laws of the United States. § 11342. Limitation on pooling and division of transportation or earnings (a) A common carrier providing transportation subject to the jurisdiction of the Interstate Commerce Commission under subchapter I, II, or III of chapter 105 of this title may not agree or combine with another of those carriers to pool or divide traffic or services or any part of their earnings without the approval of the Commission under this section or sections 11124 and 11125 of this title. The Commission may approve and authorize the agreement or combination if the carriers involved assent to the pooling or division and the Commission finds that a pooling or division of traffic, services, or earnings— (1) will be in the interest of better service to the public or of economy of operation; and (2) will not unreasonably restrain competition. (b) The Commission may impose conditions governing the pooling or division and may approve and authorize payment of a reasonable consideration between the carriers. (c) This section affects an agreement or combination filed with the Commission before March 19, 1941, to which a water common carrier providing transportation subject to the jurisdiction of the Commission under subchapter III of chapter 105 of this title is a party only when the Commission determines that the agreement or combination does not meet the requirements for approval and authorization under subsection (a) of this section. (d) The Commission may begin a proceeding under this section on its own initiative or on application. § 11343. Consolidation, merger, and acquisition of control (a) The following transactions involving carriers providing transportation subject to the jurisdiction of the Interstate Commerce Com«

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