Title 45 — Railroads
Chapter 16 — Regional Rail Reorganization
§ 742. Powers and duties of Corporation
Statutory text
The Corporation shall have all of the powers and is subject to all of the duties vested in it under this chapter, in addition to the powers conferred upon it under the laws of the State or States in which it is incorporated and the powers of a railroad in any State in which it operates. The Corporation is authorized and directed to—
acquire rail properties designated in the final system plan to be transferred or conveyed to it;
operate rail service over such rail properties except as provided under sections 744(e) and 791(d)(3) of this title;
rehabilitate, improve, and modernize such rail properties; and
maintain adequate and efficient rail services.
So long as 50 per centum or more, as determined by the Secretary of the Treasury, of the outstanding indebtedness of the Corporation consists of obligations of the Association or other debts owing to or guaranteed by the United States, the Corporation shall not engage in activities which are not related to transportation.
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.
Regional Rail Reorganization Act of 1973
Pub. L. 93–236 title III § 302 · 87 Stat. 985
Enacted · 45 U.S.C. § 742
(Pub. L. 93–236, title III, § 302, Jan. 2, 1974, 87 Stat. 1005.)
Source evidence
Code source credit
(Pub. L. 93–236, title III, § 302, Jan. 2, 1974, 87 Stat. 1005.)Enacted provision · exact public law section
Sec. 302. powers and duties of the corporation The Corporation shall have all of the powers and is subject to all of the duties vested in it under this Act, in addition to the [lowers conferred upon it under the laws of the State or States in which it is incorporated and the powers of a railroad in any State in which it operates. The Corporation is authorized and directed to— (a) acquire rail properties designated in the final system plan to be transferred or conveyed to it; (b) operate rail service over such rail properties except as provided under sections 304(e) and 601 (d)(3) of this Act; (c) rehabilitate, improve, and modernize such rail properties: and (d) maintain adequate and efficient rail services. So long as 50 per centum or more, as determined by the Secretary of the Treasury, of the outstanding indebtedness of the Corporation consists of obligations of the Association or other debts owing to or guaranteed by the United States, the Corporation shall not engage in activities which are not related to transportation.
1 of 1 references resolved to an enrolled provision