(1)During a period of 3 years beginning on the sale date, no person, directly or indirectly, may acquire or hold securities representing more than 10 percent of the total votes of all outstanding voting securities of the Corporation.
(2)This subsection shall not apply—
(A)to the employee stock ownership plan (or successor plans) of the Corporation,
(B)to the Secretary of Transportation,
(C)to a railroad as described under subsection (b) of this section,
(D)to underwriting syndicates holding shares for resale, or
(E)in the case of shares beneficially held for others, to commercial banks, broker-dealers, clearing corporations, or other nominees.
(1)During a period of 1 year beginning on the sale date, no railroad may purchase or hold, directly or indirectly, more than 10 percent of any class of stock of the Corporation. During such period, no railroad may file an application with the Commission for a merger or consolidation with the Corporation or the acquisition of control of the Corporation under section
11344  of title
(2)During a period of 3 years beginning on the sale date, any railroad which purchases or holds any stock of the Corporation shall vote such stock in the same proportion as all other common stock of the Corporation is voted. After the expiration of 1 year after the sale date, the preceding sentence shall not apply to any railroad with respect to which the Commission has approved an application for a merger or consolidation with the Corporation or the acquisition of control of the Corporation under section
11344  of title
(3)As used in this subsection, the term “railroad” means a class I railroad as determined by the Commission under the definition in effect on October 21, 1986, and includes any entity controlling, controlled by, or under common control with any railroad (other than the Corporation or its subsidiaries).
11344 of title
49, referred to in subsec. (b)(1), (2), was omitted in the general amendment of subtitle
IV of Title
49, Transportation, by Pub. L. 104–88, title I, § 102(a),Dec. 29, 1995, 109 Stat. 804. Provisions similar to those in section
11344 are contained in sections
14303 of Title
Abolition of Interstate Commerce Commission and Transfer of Functions
Interstate Commerce Commission abolished and functions of Commission transferred, except as otherwise provided in Pub. L. 104–88, to Surface Transportation Board effective Jan. 1, 1996, by section
702 of Title
49, Transportation, and section 101 ofPub. L. 104–88, set out as a note under section
701 of Title
49. References to Interstate Commerce Commission deemed to refer to Surface Transportation Board, a member or employee of the Board, or Secretary of Transportation, as appropriate, see section 205 ofPub. L. 104–88, set out as a note under section
701 of Title
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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