Title 45 — Railroads
Part C · Chapter 22 — Conrail Privatization
§ 1342. Exemption from liability
Statutory text
In general
No person referred to in section 726(f)(8)(C)(i), (ii), or (iii) of this title shall be liable, for money damages or otherwise, to any party if, with respect to the subject matter of the action, suit, or proceeding, such person was fulfilling a duty, in connection with any action taken under this subchapter, which such person in good faith reasonably believed to be required by law or vested in such person.
Exception
This section shall not apply to claims arising out of the Securities Act of 1933 [15 U.S.C. 77a et seq.], the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], or the Constitution or laws of any State, territory, or possession of the United States relating to transactions in securities, which claims are in connection with a public offering under section 1312 of this title.
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.
Conrail Privatization Act
Pub. L. 99–509 title IV § 4034 · 100 Stat. 1874
Enacted · 45 U.S.C. § 1342
(Pub. L. 99–509, title IV, § 4034, Oct. 21, 1986, 100 Stat. 1909.)
Source evidence
Code source credit
(Pub. L. 99–509, title IV, § 4034, Oct. 21, 1986, 100 Stat. 1909.)Enacted provision · exact public law section
SEC. 4034. EXEMPTION FROM LIABILITY. (a) In General.— No person referred to in section 216(f)(8)(C)(i), (ii), or (iii) of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 726(f)(8)(C)(i), (ii), or (iii)) shall be liable, for money damages or otherwise, to any party if, with respect to the subject matter of the action, suit, or proceeding, such person was fulfilling a duty, in connection with any action taken under this part, which such person in good faith reasonably believed to be required by law or vested in such person. (b) Exception.— This section shall not apply to claims arising out Claims. Securities. State and local governments. 15 USC 77a. 15 USC 78a. of the Securities Act of 1933, the Securities Exchange Act of 1934, or the Constitution or laws of any State, territory, or possession of the United States relating to transactions in securities, which claims are in connection with a public offering under section 4012 of this Act.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
The Securities Act of 1933, referred to in subsec. (b), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables.
The Securities Exchange Act of 1934, referred to in subsec. (b), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.