Page:United States Statutes at Large Volume 92 Part 2.djvu/156

 92 STAT. 1436

49 USC 11344.

Notification.

Ante, p. 1361. Hearing. Ante, p. 1359.

49 USC 11345.

Notice, publication in Federal Register.

PUBLIC LAW 95-473—OCT. 17, 1978

that are not controlled by or under common control with a carrier that is operated as part of a general railroad system of transportation. §11344. Consolidation, merger, and acquisition of control: gen< eral procedure.and conditions of approval (a) The Interstate Commerce Commission may be^in a proceeding to approve and authorize a transaction referred to in section 11343 of this title on application of the person seeking that authority. When an application is filed with the Commission, the Commission shall notify the chief executive officer of each State in which property of the carriers involved in the proposed transaction is located and s!hall notify those carriers. If a motor carrier providing transportation subject to the jurisdiction of the Commission under subchapter II of chapter 105 of this title is involved in the transaction, the Commission must notify the persons specified in section 10328(b) of this title. The Commission shall hold a public hearing when a rail carrier providing transportation subject to the jurisdiction of the Commission under subchapter I of that chapter is involved in the transaction unless the Commission determines that a public hearing is not necessary in the public interest. (b) In a proceeding under this section, the Commission shall consider at least the following: (1) the effect of the proposed transaction on the adequacy of transportation to the public. (2) the effect on the public interest of including, or failing to include, other rail carriers in the area involved in the proposed transaction. (3) the total fixed charges that result from the proposed transaction. (4) the interest of carrier employees affected by the proposed transaction. (c) The Commission shall approve and authorize a transaction under this section when it finds the transaction is consistent with the public interest. The Commission may impose conditions governing the transaction. When the transaction contemplates a guaranty or assumption of payment of dividends or of fixed charges or will result in an increase of total fixed charges, the Commission may approve and authorize the transaction only if it finds that the guaranty, assumption, or increase is consistent with the public interest. When a rail carrier, or a person controlled by or affiliated with a rail carrier, is an applicant and the transaction involves a motor carrier, the Commission may approve and authorize the transaction only if it finds that the transaction is consistent with the public interest, will enable the rail carrier to use motor carrier transportation to public advantage in its operations, and will not unreasonably restrain competition. When a rail carrier is involved in the transaction, the Commission may require inclusion of other rail carriers located in the area involved in the transaction if they apply for inclusion and the Commission finds their inclusion to be consistent with the public interest. §11345. Consolidation, merger, and acquisition of control: rail carrier procedure (a) If a rail carrier providing transportation subject to the jurisdiction of the Interstate Commerce Commission under subchapter 1 of chapter 105 of this title is involved in a proposed transaction under section 11343 of this title, this section and section 11344 of this title also apply to the transaction. The Commission shall publish notice of

�