Title 45 — Railroads
Chapter 18 — Milwaukee Railroad Restructuring
§ 922. Employee stock ownership plan for surviving portion of Milwaukee Railroad
Statutory text
If an event described in section 920(b) of this title occurs, resulting in the survival of less than the entire Milwaukee Railroad system, then any relief provided for such surviving Milwaukee Railroad system under the Emergency Rail Services Act of 1970 [45 U.S.C. 661 et seq.] or any other Federal legislation shall be conditioned upon good faith efforts by the trustee or the Milwaukee Railroad, or both, to establish an employee stock ownership plan which shall embrace the purchase or acquisition of qualifying employer securities of the Milwaukee Railroad equal in value to 25 per centum of the amount of such relief provided.
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.
Milwaukee Railroad Restructuring Act
Pub. L. 96–101 § 26 · 93 Stat. 736
Enacted · 45 U.S.C. § 922
(Pub. L. 96–101, § 26, Nov. 4, 1979, 93 Stat. 747.)
Source evidence
Code source credit
(Pub. L. 96–101, § 26, Nov. 4, 1979, 93 Stat. 747.)Enacted provision · exact public law section
Sec. 26. employee stock ownership plan for surviving portion of milwaukee railroad If an event described in section 22(b) of this Act occurs, 45 USC 922. resulting in the survival of less than the entire Milwaukee Railroad system, then any relief provided for such surviving Milwaukee Railroad system under the Emergency Rail Services Act of 1970 or 45 USC 661 note. any other Federal legislation shall be conditioned upon good faith efforts by the trustee or the Milwaukee Railroad, or both, to establish an employee stock ownership plan which shall embrace the purchase or acquisition of qualifying employer securities of the Milwaukee Railroad equal in value to 25 per centum of the amount of such relief provided.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
The Emergency Rail Services Act of 1970, referred to in text, is Pub. L. 91–663, , 84 Stat. 1975, which is classified generally to chapter 15 (§ 661 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 661 of this title and Tables.