§11348. Interstate Commerce Commission authority over noncarrier that acquires control of carrier

(a) When the Interstate Commerce Commission approves and authorizes a transaction under sections 11344 and 11345 of this title in which a person not a carrier providing transportation subject to the jurisdiction of the Commission under chapter 105 of this title acquires control of at least one carrier subject to the jurisdiction of the Commission, the person is subject, as a carrier, to the following provisions of this title that apply to the carrier being acquired by that person, to the extent specified by the Commission: sections 504(f) and 10764, subchapter III of chapter 111, and sections 11301, 11709, 11901(f), (m)(1), 11909(a)(1), (b), and 11911(a).

(b) When a person subject to sections 11301, 11322, 11709, and 11911 of this title because of acquiring control of a carrier, applies to the Commission for authority to issue securities or assume obligations or liabilities under those sections, the Commission may authorize the issue or assumption only when it finds the issue or assumption-

(1) is consistent with the proper performance of public transportation by the carrier that is controlled by that person;

(2) will not impair the ability of the carrier to provide public transportation; and

(3) is consistent with the public interest in other respects.

( Pub. L. 95–473, Oct. 17, 1978, 92 Stat. 1439 ; Pub. L. 96–454, §8(b)(1), Oct. 15, 1980, 94 Stat. 2021 ; Pub. L. 97–261, §19(b), Sept. 20, 1982, 96 Stat. 1121 ; Pub. L. 97–449, §5(g)(8), Jan. 12, 1983, 96 Stat. 2443 ; Pub. L. 98–554, title II, §227(a)(3), Oct. 30, 1984, 98 Stat. 2852 ; Pub. L. 103–272, §5(m)(32), July 5, 1994, 108 Stat. 1378 ; Pub. L. 103–429, §6(17), Oct. 31, 1994, 108 Stat. 4379 .)

In subsection (a), the words "When the . . . Commission approves and authorizes a transaction under sections 11344 and 11345 of this title" are substituted for "Whenever a person . . . is authorized by an order entered under paragraph (2)" for clarity in view of the restatement. The words "a person not" are substituted for "Whenever a person which is not" for clarity. The words "providing transportation subject to the jurisdiction of the Commission under chapter 105 of this title" are added for consistency. The words "at least one" are substituted for "any . . . or of two or more" to eliminate redundancy. The words "as a carrier" are substituted for "shall . . . be considered" for clarity. The words "which relate to reports, accounts, and so forth, of carriers" and "which relate to issues of securities and assumptions of liability of carriers, including in each case the penalties applicable in the case of violations of such provisions" are omitted as surplus.

In subsection (b), the words "When a person subject to sections 11301, 11302, 11322, 11709, and 11911 of this title because of acquiring control" are substituted for "In the application of such provisions of sections 20a and 314 of this title, in the case of any such person" for clarity. The words "issue securities or assume obligations or liabilities" are added for clarity. The words "may . . . only" are substituted for "shall . . . only" since the power is discretionary.

Pub. L. 103–429

This amends 49:11348(a) to reflect the redesignation of 49:11901(l) as 49:11901(m) by section 7(c)(1) of the Negotiated Rates Act of 1993 (Public Law 103–180, 107 Stat. 2052).

Amendments

1994-Subsec. (a). Pub. L. 103–429 substituted "(m)(1)" for "(l)(1)".

Pub. L. 103–272 substituted "sections 504(f) and" for "section 504(f),".

1984-Subsec. (a). Pub. L. 98–554 substituted "(l)(1)" for "(k)(1)" after "11901(f),".

1983-Subsec. (a). Pub. L. 97–449 inserted "504(f)," before "10764" and struck out "11711," after "11709,".

1982-Pub. L. 97–261 struck out "11302," wherever appearing.

1980-Subsec. (a). Pub. L. 96–454 substituted "1901(f), (k)(1)" for "1901(f), (h)(1)".

Effective Date of 1982 Amendment

Amendment by Pub. L. 97–261 effective on 60th day after Sept. 20, 1982, see section 31(a) of Pub. L. 97–261, set out as a note under section 10101 of this title.