§717 Adoption of final system plan

Summary

The Association must create and publish a preliminary system plan within 420 days after January 2, 1974. It must send copies to federal and state officials, Congress, the courts involved, the special court, interested people, and publish it in the Federal Register. People have 60 days after the plan is released to send comments. The Office must hold public hearings on the plan (and on any supplements) and give the Association a written summary, analysis, and critique within 60 days after the plan is released, or within 30 days for any supplement. Courts that oversee railroads in reorganization must decide within 120 days after January 2, 1974 whether a railroad can be reorganized under section 77 of the Bankruptcy Act, and within 60 days after the Office’s report whether to transfer some rail properties to the Corporation under this chapter. Courts should let reorganizations proceed under this chapter unless they find a fairer income reorganization under section 77 or that the chapter is not fair and equitable. Appeals go only to the special court within 10 days, and that court must decide within 80 days with no further review. Trustees may ask a court to reconsider certain decisions by filing within 10 days after February 28, 1975; the court then has 30 days to decide and the special court has 30 days on appeal. The Association must prepare a final system plan within 540 days after January 2, 1974, the Board must approve it by a majority within 30 days and it must meet the requirements of section 716, and the Commission must send Congress an evaluation of the final plan within 30 days after the plan is adopted and sent to Congress.