Page:United States Statutes at Large Volume 92 Part 2.djvu/159

 PUBLIC LAW 95-473—OCT. 17, 1978 its final decision. The final decision must be accompanied by a written opinion stating the reasons for the Commission action. The Commission may— (1) approve the transaction if the Commission determines the transaction is in the public interest; (2) approve the transaction with conditions and modifications that it determines are in the public interest; or (3) disapprove the transaction if it determines the transaction is not in the public interest. § 11347. Employee protective arrangements in transactions involving rail carriers When a rail carrier is involved in a transaction for which approval is sought under sections 11344 and 11345 or section 11346 of this title, the Interstate Commerce Commission shall rec[uire the carrier to provide a fair arrangement at least as protective of the interests of employees who are affected by the transaction as the terms imposed under this section before February 5, 1976, and the terms established under section 565 of title 45. Notwithstanding this subtitle, the arrangement may be made by the rail carrier and the authorized representative of its employees. The arrangement and the order approving the transaction must require that the employees of the affected rail carrier will not be in a worse position related to their employment as a result of the transaction during the 4 years following the effective date of the final action of the Commission (or if an employee was employed for a lesser period of time by the carrier before the action became effective, for that lesser period). § 11348. Interstate Commerce Commission authority over noncarrier that acquires control of carrier (a) When the Interstate Commerce Commission approves and authorizes a transaction under sections 11344 and 11345 of this title in which a person not a carrier providing transportation subject to the jurisdiction of the Commission under chapter 105 of this title acquires control of at least one carrier subject to the jurisdiction of the Commission, the person is subject, as a carrier, to the following provisions of this title that apply to the carrier being acquired by that person, to the extent specified by the Commission: section 10764, subchapter III of chapter 111, and sections 11301, 11302, 11709, 11711, 11901(f), (h)(1), 11909 (a)(l), (b), and 11911(a). (b) When a person subject to sections 11301, 11302, 11322, 11709, and 11911 of this title because of acquiring control of a carrier, applies to the Commission for authority to issue securities or assume obligations or liabilities under those sections, the Commission may authorize the issue or assumption only when it finds the issue or assumption— (1) is consistent with the proper performance of public transportation by the carrier that is controlled by that person; (2) will not impair the ability of the carrier to provide public transportation; and (3) is consistent with the public interest in other respects. § 11349. Temporary operating approval for transactions involving motor and water carriers (a) Pending determination of an application filed with the Interstate Commerce Commission under this subchapter for approval of a consolidation or merger of the properties of at least 2 motor carriers

92 STAT. 1439

49 USC 11347.

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.4nte, p. 1397.

49 USC 11349.

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