49 USC 11911: Issuance of securities; disposition of funds; restriction on ownership
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49 USC 11911: Issuance of securities; disposition of funds; restriction on ownership Text contains those laws in effect on January 4, 1995
From Title 49-TRANSPORTATIONSUBTITLE IV-INTERSTATE COMMERCECHAPTER 119-CIVIL AND CRIMINAL PENALTIES
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§11911. Issuance of securities; disposition of funds; restriction on ownership

(a) A director, officer, attorney, or agent of a carrier defined in section 11301(a)(1) of this title that knowingly agrees to or concurs in (1) an issue of securities or assumption of obligations or liability in violation of section 11301 of this title, (2) a disposition of securities in violation of an order of the Interstate Commerce Commission, or (3) an application not authorized by the Commission of the funds derived by the carrier through a disposition of securities shall be fined at least $1,000 but not more than $10,000, imprisoned for at least one year but not more than 3 years, or both.

(b) A person that violates section 11322 of this title shall be fined at least $1,000 but not more than $10,000, imprisoned for at least one year but not more than 3 years, or both.

( Pub. L. 95–473, Oct. 17, 1978, 92 Stat. 1462 ; Pub. L. 97–261, §19(c), Sept. 20, 1982, 96 Stat. 1121 .)

Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large)
11911(a) 49:20a(11) (last sentence). Feb. 4, 1887, ch. 104, 24 Stat. 379 , §20a(11) (last sentence), (12) (last sentence); added Feb. 28, 1920, ch. 91, §439, 41 Stat. 496 .
  49:314 (related to penalties). Feb. 4, 1887, ch. 104, 24 Stat. 379 , §214 (related to penalties); added Aug. 9, 1935, ch. 498, §1, 49 Stat. 557 ; restated June 29, 1938, ch. 811, §15, 52 Stat. 1240 ; Sept. 18, 1940, ch. 722, §22(a), 54 Stat. 924 ; July 10, 1952, ch. 648, §1, 66 Stat. 542 ; Sept. 7, 1957, Pub. L. 85–309, §1, 71 Stat. 631 ; Feb. 5, 1976, Pub. L. 94–210, §308(a)(3), 90 Stat. 57 .
11911(b) 49:20a(12) (last sentence).

In subsection (a), the word "agrees" is substituted for "assents" for clarity. The words "in violation of section 11301 of this title" are substituted for "forbidden by this section" for clarity and to conform to the revised title. The word "disposition" is substituted for "sale or other disposition" as being more inclusive. The words "in the premises" are omitted as surplus. The words "shall be guilty of a misdemeanor and upon conviction . . . punished" are omitted as unnecessary in view of title 18. The words "in the discretion of the court" are omitted as surplus. The text of 49:314 (related to penalties) is omitted as unnecessary in view of the restatement.

In subsection (b), the words "shall be a misdemeanor, and on conviction in any United States court having jurisdiction . . . punished" are omitted as unnecessary in view of title 18.

Amendments

1982-Subsec. (a). Pub. L. 97–261 struck out "or of a person to which that section is made applicable by section 11302(a) of this title" after "section 11301(a)(1) of this title".

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.

Section Referred to in Other Sections

This section is referred to in section 11348 of this title.