Page:United States Statutes at Large Volume 95.djvu/680

 95 STAT. 654

PUBLIC LAW 97-35—AUG. 13, 1981 "(j) SIGNAL SYSTEMS.—If, within two years after the effective date of this subsection, the Corporation applies for the permission of the Secretary to substitute manual block signal systems for automatic block signal systems on lines on which less than 20,000,000 gross tons of freight are carried annually, the Secretary shall approve or disapprove such application within 90 days of its submission,". Subpart C—Transfer of Freight Service Responsibilities TRANSFER OF FREIGHT SERVICE

SEC. 1142. The Regional Rail Reorganization Act of 1973 is amended by inserting immediately after title III the following new title: "TITLE IV—TRANSFER OF FREIGHT SERVICE " I N T E R E S T OF UNITED STATES

45 USC 761. Ante, p. 643.

Plan, submittal to Congress.

401. (a) PLAN FOR SALE OF COMMON STOCK.—(1) As soon as practicable after the effective date of the Northeast Rail Service Act of 1981, the Secretary shall engage the services of an investment banking firm or similar financial institution, which firm or institution shall arrange for the sale of the interest of the United States in the common stock of the Corporation under this section. "(2) At any time after the effective date of the Northeast Rail Service Act of 1981 the Secretary may submit to the Congress a plan for the sale, in block or by public offering, of the interest of the United States in the common stock of the Corporation. Such plan shall— "(A) ensure continued rail service; "(B) promote competitive bidding for such common stock; and "(C) maximize the return to the United States on its investment. "(3) Any plan submitted under paragraph (2) shall be deemed approved at the end of the 60-calendar-day period of continuous session of the Congress beginning on the date the plan was submitted, unless during such period both Houses of Congress pass a concurrent resolution the substance of which states that the Congress does not favor such plan. The Secretary shall implement any plan deemed approved under this paragraph. For purposes of this subsection— "(A) continuity of session of the Congress is broken only by an adjournment sine die; and "(B) the days on which either House is not in session because of adjournment of more than 3 days to a day certain are excluded in the computation of the 60-day period. "(b) CANCELLATION.—In making any sale under a plan submitted under subsection (a)(2), the Secretary may cancel some shares of the common stock of the Corporation and sell only the remaining shares. "SEC.

"(c) REPLACEMENT OF BOARD OF DIRECTORS.—When all common

stock of the Corporation held by the United States (or any agent or instrumentality thereof) is sold under a plan submitted under subsection (a)(2) or canceled under subsection (b), the Corporation shall elect a new Board of Directors. Only holders of shares of common stock may vote in such election, and each such share shall entitle its holder to one vote. "(d) RAILROAD PURCHASERS.—Any railroad which purchases common stock of the Corporation shall vote such stock in the same proportion as all other common stock of the Corporation is voted

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