Page:United States Statutes at Large Volume 95.djvu/683

 PUBLIC LAW 97-35—AUG. 13, 1981

95 STAT. 657

such determination shall be subject to the approval or disapproval under the provisions of this section. "TRANSFER PLAN

405. (a) INITIAL DISCUSSIONS.—If the Corporation is deter- 45 USC 765. mined not to be a profitable carrier by the USRA Board under subsection (a) or (b) of section 403, or if any plan for the purchase of the common stock of the Corporation under section 404(b) is not approved by the Secretary, or if at any time the Corporation requires funding from the Federal Government in excess of amounts authorized on or before the effective date of the Northeast Rail Service Act of 1981, the Secretary, in consultation with the Corporation, shall Ante, p. 643. initiate discussions and negotiations under section 5 of the Department of Transportation Act (49 U.S.C. 1654) with potential purchasers for the transfer of the Corporation's freight rail properties and service responsibilities, ^)ecifically including freight terminal operations in the Northeast Corridor. "(b) CONFERENCES.—As a part of the process set forth in subsection (a), the Secretary shall consult with railroads, representatives of employees of the Corporation and other railroads that may be affected, appropriate State and local government officials, shippers, consumer representatives, potential purchasers or operators other than railroads, and holders of purchase money equipment obligations. The Secretary shall hold conferences in developing plans for the sale of the Corporation and persons attending or represented at such conferences shall not be liable under the antitrust laws of the United States with respect to any discussion at such conference, or with respect to any agreements reached at such conferences, which are entered into with the approval of the Secretary. "SEC.

"(c)

FREIGHT TRANSFER AGREEMENTS.—Any agreement for

the

transfer of the Corporation's rail properties and service responsibilities (hereafter in this title referred to as 'freight transfer agreements') shall specify the rail properties and the service responsibilities to be transferred to the acquiring railroad and the price to be paid for rail properties transferred, and shall include such other terms as the Secretary, consulting with the Corporation, and the acquiring railroad consider appropriate. "(d) TERMINAL COMPANIES.—Not later than 1 year after the freight transfer agreements are implemented pursuant to section 408 of this title, the Secretary shall arrange for the formation by railroads of one or more terminal companies, to be operated as private corporations without Federal operating subsidy, to provide switching and terminal services in the Northeast Corridor without preference to the traffic of any railroad. Notwithstanding the provisions of the preceding sentence, the Secretary shall not be required to arrange for the formation of such terminal companies if he certifies in writing to the Congress that individual acquiring railroads are capable of assuring adequate freight terminal operations in the Northeast Corridor. "(e) COMPETITION.—Discussion and negotiations for freight transfer agreements shall be conducted, to the maximum extent practicable, to assure the preservation and enhancement of rail competition in the Northeast. In the development of freight transfer agreements, rail lines which have heavy rail freight activity shall receive priority designation for competitive service. In determining such priority, the Secretary shall consider shipper input and other relevant data. "(f) REPORT.—The Secretary shall submit to the Congress every six months a report regarding his activities under this section. If the Secretary finds that he is unable to sell the interest of the United States in the common stock of the Corporation under section 401 of

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