Page:United States Statutes at Large Volume 95.djvu/685

 PUBLIC LAW 97-35—AUG. 13, 1981

95 STAT. 659

freight transfer agreements. With the consent of the acquiring railroad, the Secretary may modify a freight transfer agreement prior to granting such final approval. "(d) CONGRESSIONAL REVIEW.—If the Secretary grants final approval to the freight transfer agreements, the Secretary shall, within 10 days of such approval, transmit a copy of such agreements to each House of Congress, together with the Secretary's determination of final approval. The freight transfer agreements shall be deemed approved at the end of 60 calendar days of continuous session of the Congress, unless either the House of Representatives or the Senate or both passes a resolution during such period stating that they do not favor the freight treinsfer agreements. For purposes of this subsection— "(1) continuity of session of the Congress is broken only by an adiournment sine die; and (2) 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 period described in this subsection. "PERFORMANCE UNDER AGREEMENTS; EFFECT

"SEC. 408. (a) TRANSFER.—If neither House of Congress has acted to disapprove the freight transfer agreements within 60 days, rail properties shall be conveyed and service responsibilities of the Corporation shall be transferred in accordance with the freight transfer agreements. Such conveyances and transfers shall not be subject to the provisions of subtitle IV of title 49, United States Code, or, with respect to the issuance and sale of securities to the United States or the Corporation for the purpose of financing such transfers, to the registration and prospectus delivery requirements of the Securities Act of 1933, or to the laws of any State with respect to the issuance and sale of securities. "0)) RESPONSIBIUTIES.—On the date the common stock or the rail properties and service responsibilities of the Corporation are transferred under this title— "(1) the acquiring railroad shall be deemed a railroad subject to subtitle IV of title 49, United States Code, and shall be deemed qualified thereunder to provide the service responsibilities assumed; and "(2) the Corporation shall discontinue and shall be relieved of any responsibility to operate rail service over any line of railroad conveyed under the freight transfer agreements and all other rail properties of the Corporation. "(c) REVIEW.—No transfer of the Corporation's stock or rail properties and freight service responsibilities under this title shall be subject to judicial review or to review by the (Commission. "(d) SALE DATE.—Unless the Corporation is found not profitable under section 403(a) or (b) of this title, the Secretary may not sell the rail properties and service responsibilities of the Corporation until June 1, 1984, except that if the Corporation requires further Federal financing before such date, such sale may be made before such date.

45 USC 768.

49 USC loioi ^^ *^915 USC 77a.

"ASSIGNMENT

"SEC. 409. LIABILITY.—(a) Notwithstanding any other provision of 45 USC 769. this title, if an interest in rail properties is conveyed pursuant to section 408 of this Act, and if such conveyance is in accordance with the requirements of subsection (b) of this section, the conveyance of

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