Page:United States Statutes at Large Volume 95.djvu/717

 PUBLIC LAW 97-35—AUG. 13, 1981

95 STAT. 691

"(3) Except as provided in paragraph (2)(A) of this subsection, any vacancy in the membership of the board shall be filled in the same manner as in the case of the original selection. "(4) The President of the Corporation shall serve as chairman of the board of directors."; (2) by striking out paragraph (6) and redesignating paragraphs (7) through (9) as paragraphs (6) through (8), respectively; and (3) in paragraph (7), as redesignated by paragraph (2) of this subsection, by striking out "election" and inserting in lieu thereof "selection"; by striking out "four" and inserting in lieu thereof "two"; and by striking out "seven" and inserting in lieu thereof "four". (b) The term of office of any member of the board of directors of the ^^ USC 543 note. National Railroad Passenger Corporation serving on such board immediately before the effective date of this subtitle pursuant to section 303(a)(l)(B), (C), or (D) of the Rail Passenger Service Act shall 45 USC 543. be deemed to have expired on such effective date, except that— (1) such members shall continue to serve for a period not to exceed 90 days during which time the President shall appoint members of the board in accordance with section 303(a)(1) of such Act, as amended by this section; and (2) if any position on such board remains vacant after the expiration of such 90-day period, the President of Amtrak may designate any citizen of the United States to serve in such position until the President fills such position by appointment in accordance with such section 303(a)(l). FINANCING OF THE CORPORATION

SEC. 1175. Section 304 of the Rail Passenger Service Act (45 U.S.C. 544) is amended— (1) in subsection (a), by striking out "each of which shall carry voting rights and" and inserting in lieu thereof "which shall; (2) in subsection (a), by striking out the second sentence; (3) by amending subsection (c) to read as follows: "(c)(l) Not later than February 1, 1982, and in consideration of receiving further Federal financial assistance, the Corporation shall issue to the Secretary a sufficient number of shares of preferred stock to equal, to the nearest whole share, the amount of funds appropriated by Congress for capital acquisitions or improvements, or for operating and capital expenses, under the authority of subsections (a)(2), (b)(l)(B), and (b)(l)(O of section 601 of this Act between October 45 USC 601. 30, 1970, and September 30, 1981. "(2) Commencing on October 1, 1981, and in consideration of receiving further Federal financial assistance, the Corporation shall issue to the Secretary within 30 days after the close of each quarter of the fiscal year of the United States Government additional preferred stock equal, to the nearest whole share, to the amount of funds paid to the Corporation under section 601 of this Act during such quarter."; and (4) by striking out subsections (d) through (f) and inserting in lieu thereof the following: "(d) The Corporation is authorized to issue, in addition to the stock authorized by subsection (a) of this section, nonvoting securities, bonds, debentures, notes, and other certificates of indebtedness as it may determine, except that no obligation with a liquidation interest superior to any preferred stock issued to the Secretary or secured by a lien on property of the Corporation shall be incurred without the

�