Page:United States Statutes at Large Volume 92 Part 2.djvu/163

 PUBLIC LAW 95-473—OCT. 17, 1978

92 STAT. 1443

(A) if the security is pledged as security under an instrument
 * , under which an evidence of indebtedness was issued and is outstanding, by the holder of a majority of the principal amount of

the evidence of indebtedness; or ' (B) if the security secures an evidence of indebtedness not issued under an instrument under which an evidence of indebtedness was issued, by the holder of the evidence of indebtedness. (2) In addition to a submission required under subsection (a) of this section, the Commission shall require the carrier to submit a proposed change to a security referred to in this subsection, with requirements imposed by the Commission, to the holder of the evidence of indebtedness referred to in paragraph (1)(A) and (B) of this subsection as appropriate, for assent or rejection. A carrier is not required

to submit the change to the trustee of the instrument referred to in that paragraph. (c) If the Commission determines that the assent of the holder of a security not entitled to vote for the election of directors of the carrier or an evidence of indebtedness is in the control of the carrier or of a person controlling the carrier, that security or evidence of indebtedness is not considered to be outstanding. § 11364 Procedure 49 USC 11364. (a) The Commission may prescribe the manner in which assents, assurances of assent, or rejections of the security holders may be solic^'' ' '--= " ited whether the solicitation is made before or after the Commission approves and authorizes the proposed change. (b) The Commission may approve a bank or trust company, incorporated under the law of the United States or a State, that is a member of the Federal Reserve System and has a capital and surplus of at least $2,000,000, to receive assents and revocations of assents from security holders. The Commission may require the security holders to send those assents and revocations to that bank or trust company. That bank or trust company shall certify the result of the submission to the Commission. The Commission may relj'^ on that certification as conclusive evidence in determining the result of that submission. § 11365. Effect of change on other persons 49 USC 11365. (a) When a change becomes effective under this subchapter, the change is binding on, and changes the rights of— (1) each holder of a security of the carrier of each class affected by the change; and (2) a trustee or other party to an instrument under which a class of securities has been issued or by which it is secured. (b) An authorization and approval of a change under this subchapter is authority for, and approval of, a corresponding change of the obligation of another carrier that assumed liability related to that class of securities if that carrier consents to the change in writing. When consent is given, the corresponding change becomes effective when the change of the class of securities or instrument becomes binding. A person who is liable or obligated on a class of securities issued by a carrier is a carrier with respect to that class for the purposes of this subchapter. § 11366. Reports 49 USC 11366. A carrier receiving approval and authorization to make a change under this subchapter shall report the action taken by it in making that change to the Interstate Commerce Commission. The Commission may require periodic or special reports.

�