Page:United States Statutes at Large Volume 92 Part 2.djvu/155

 PUBLIC LAW 95-473—OCT. 17, 1978

92 STAT. 1435

mission under subchapter I (except a pipeline carrier), II, or III of chapter 105 of this title may be carried out only with the approval Ante, pp. 1359, and authorization of the Commission: 1361, 1365. (1) consolidation or merger of the properties or franchises of at least 2 carriers into one corporation for the ownership, management, and operation of the previously separately owned properties. (2) a purchase, lease, or contract to operate property of another carrier by any number of carriers. (3) acquisition of control of a carrier by any number of carriers. (4) acquisition of control of at least 2 carriers by a person that is not a carrier. (5) acquisition of control of a carrier by a person that is not ,•,4, *. a carrier but that controls any number of carriers. (6) acquisition by a rail carrier of trackage rights over, or ..;M joint ownership in or joint use of, a railroad line (and terminals incidental to it) owned or operated by another rail carrier. ..;x (b) A person may carry out a transaction referred to in subsection (a) of this section or participate in achieving the control or management, including the power to exercise control or management, in a common interest of more than one of those carriers, regardless of how that result is reached, only with the approval and authorization of the Commission under this subchapter. In addition to other transactions, each of the following transactions are considered achievements of control or management: (1) A transaction by a carrier has the effect of putting that carrier and persons affiliated with it, taken together, in control of another carrier. (2) A transaction by a person affiliated with a carrier has the effect of putting that carrier and persons affiliated with it, taken together, in control of another carrier. (3) A transaction by at least 2 persons acting together (one of whom is a carrier or is affiliated with a carrier) has the effect of putting those persons and carriers and persons affiliated with any of them, or with any of those affiliated carriers, taken together, in control of another carrier. (c) A person is affiliated with a carrier under this subchapter if, because of the relationship between that person and a carrier, it is reasonable to believe that the affairs of another carrier, control of which may be acquired by that person, will be managed in the interest of the other carrier. (d)(1) Approval and authorization by the Commission are not required if the only parties to a transaction referred to in subsection (a) of this section are motor carriers providing transportation subject to the jurisdiction of the Commission under subchapter II of chapter 105 of this title and the aggregate gross operating revenues of those carriers were not more than $300,000 during a period of 12 consecutive months ending not more than 6 months before the date of the agreement of the parties covering the transaction. However, the approval ^,,,., and authorization of the Commission is required when a motor carrier that is controlled by or affiliated with a carrier providing transportation subject to the jurisdiction of the Commission under subchapter I of that chapter is a party to the transaction. (2) The approval and authorization of the Commission are not required if the only parties to a transaction referred to in subsection (a) of this section are street, suburban, or interurban electric railways

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