US Code

Public Law 119-73 (01/23/2026)

45 U.S.C. § 1322

Ownership limitations

(a)

General

(1)
During a period of 3 years beginning on the sale date, no person, directly or indirectly, may acquire or hold securities representing more than 10 percent of the total votes of all outstanding voting securities of the Corporation.
(2)
This subsection shall not apply—
(A)
to the employee stock ownership plan (or successor plans) of the Corporation,
(B)
to the Secretary of Transportation,
(C)
to a railroad as described under subsection (b),
(D)
to underwriting syndicates holding shares for resale, or
(E)
in the case of shares beneficially held for others, to commercial banks, broker-dealers, clearing corporations, or other nominees.
(b)

Railroads

(1)
1
1 See References in Text note below.
During a period of 1 year beginning on the sale date, no railroad may purchase or hold, directly or indirectly, more than 10 percent of any class of stock of the Corporation. During such period, no railroad may file an application with the Commission for a merger or consolidation with the Corporation or the acquisition of control of the Corporation under section 11344  of title 49.
(2)
1 During a period of 3 years beginning on the sale date, any railroad which purchases or holds any stock of the Corporation shall vote such stock in the same proportion as all other common stock of the Corporation is voted. After the expiration of 1 year after the sale date, the preceding sentence shall not apply to any railroad with respect to which the Commission has approved an application for a merger or consolidation with the Corporation or the acquisition of control of the Corporation under section 11344  of title 49.
(3)
As used in this subsection, the term “railroad” means a class I railroad as determined by the Commission under the definition in effect on , and includes any entity controlling, controlled by, or under common control with any railroad (other than the Corporation or its subsidiaries).

Pub. L. 99–509, title IV, § 4022100 Stat. 1900(, , .)

Editorial Notes

References in Text

Section 11344 of title 49Pub. L. 104–88, title I, § 102(a)109 Stat. 804, referred to in subsec. (b)(1), (2), was omitted in the general amendment of subtitle IV of Title 49, Transportation, by , , . Provisions similar to those in section 11344 are contained in sections 11324 and 14303 of Title 49.

Statutory Notes and Related Subsidiaries

Abolition of Interstate Commerce Commission and Transfer of Functions

Pub. L. 104–88section 1302 of Title 49section 101 of Pub. L. 104–88section 1301 of Title 49section 205 of Pub. L. 104–88section 1301 of Title 49Interstate Commerce Commission abolished and functions of Commission transferred, except as otherwise provided in , to Surface Transportation Board effective , by , Transportation, and , set out as a note under . References to Interstate Commerce Commission deemed to refer to Surface Transportation Board, a member or employee of the Board, or Secretary of Transportation, as appropriate, see , set out as a note under .