Title 45 — Railroads
Chapter 20 — Northeast Rail Service
§ 1115. Redemption of stock
Statutory text
For the purpose of computing the amount for which certificates of value shall be redeemable under section 746 of this title, the series B preferred stock and the common stock conveyed to the Secretary under section 1107 1 of this title shall be deemed to be without fair market value unless in a proceeding brought under section 1105(a)(4) of this title the special court shall have determined that such securities had a value and shall have entered a judgment against the United States for that value. In such an event, the securities shall for purposes of section 746 of this title be deemed to have that value found by the special court.
Footnotes
- 1 See References in Text note below.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Northeast Rail Service Act of 1981
Pub. L. 97–35 title XI § 1167(b) · 95 Stat. 357
Enacted · 45 U.S.C. § 1115
(Pub. L. 97–35, title XI, § 1167(b), Aug. 13, 1981, 95 Stat. 686.)
Source evidence
Code source credit
(Pub. L. 97–35, title XI, § 1167(b), Aug. 13, 1981, 95 Stat. 686.)Enacted provision · exact public law section
(b) For the purpose of computing the amount for which certificates of value shall be redeemable under section 306 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 746), the series B preferred stock and the common stock conveyed to the Secretary under section 1154 of this subtitle shall be deemed to be without fair market value unless in a proceeding brought under section 1152(a)(4) of this subtitle the special court shall have determined that such securities had a value and shall have entered a judgment against the United States for that value. In such an event, the securities shall for purposes of section 306 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 746) be deemed to have that value found by the special court.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
Section 1107 of this title, referred to in text, was repealed by Pub. L. 99–509, title IV, § 4033(c)(1)(C)(i)(I), , 100 Stat. 1908.
Codification
Section is comprised of subsec. (b) of section 1167 of Pub. L. 97–35. Subsec. (a) of section 1167 amended section 743 of this title. Subsec. (c) of section 1167, which was set out as subsec. (b) of this section and which provided that the clerk of the special court convey to the Secretary certain series B preferred stock and common stock of Conrail on deposit with the court, and authorized the Secretary to hold and exercise all rights to such Conrail securities, was repealed by Pub. L. 99–509, title IV, § 4033(c)(1)(C)(i)(IV), , 100 Stat. 1908.