§1341 — Title 45 Railroads | U.S. Code

Summary

The United States Railway Association is abolished on April 1, 1987. On January 1, 1987, all of its powers and responsibilities related to the Corporation under the Regional Rail Reorganization Act are moved to the Secretary of Transportation. After January 1, the Association’s only job is to finish closing down and selling off its assets. Any Corporation securities the Association held were transferred to the Secretary on October 21, 1986. If the Association has not finished winding up by April 1, 1987, the Secretary must finish the job and takes over any remaining authority. The financing agreement dated May 10, 1979 between the Association and the Corporation ends on January 1, 1987, except for parts that set payment rules to the United States for debentures, preferred stock, and contingent interest notes. Those payment provisions end on the sale date.

Title 45, §1341

Railroads — Source: USLM XML via OLRC

(a)(1)Effective April 1, 1987, the United States Railway Association is abolished.

(2)On January 1, 1987, all powers, duties, rights, and obligations of such association relating to the Corporation under the Regional Rail Reorganization Act of 1973 (45 U.S.C. 701 et seq.) shall be transferred to the Secretary of Transportation.

(3)The sole function of the United States Railway Association after January 1, 1987, shall be the termination of its affairs and the liquidation of its assets.

(b)(1)Any securities of the Corporation held by the United States Railway Association shall, upon 11 So in original. Probably should be “on”. October 21, 1986, be transferred to the Secretary of Transportation.

(2)If, on the date the United States Railway Association is abolished under subsection (a), such association shall not have completed the termination of its affairs and the liquidation of its assets, the duty of completing such winding up of its affairs and liquidation shall be transferred to the Secretary of Transportation, who for such purposes shall succeed to all remaining powers, duties, rights, and obligations of such association.

(c)(1)On January 1, 1987, the Amended and Restated Financing Agreement, dated May 10, 1979, between the United States Railway Association and the Corporation, together with any and all rights and obligations of or on behalf of any person with respect to such agreement, shall terminate and be of no further force or effect, except for those provisions specifying terms and conditions for payments made to the United States with respect to debentures, preferred stock, and contingent interest notes.

(2)Effective as of the sale date, those provisions of the Financing Agreement referred to in paragraph (1) shall terminate.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Regional Rail Reorganization Act of 1973, referred to in subsec. (a)(2), is Pub. L. 93–236, Jan. 2, 1974, 87 Stat. 985, which is classified principally to chapter 16 (§ 701 et seq.) of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 701 of this title and Tables.

§1341 Abolition of United States Railway Association