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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 45 U.S.C. § 1311 Preparation for public offering us united_states_code code_section 45 RAILROADS 22 CONRAIL PRIVATIZATION 1311 45 U.S.C. § 1311 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc45@119-100.zip /us/usc/t45/s1311 data/legal/raw/us/code/title-45/usc45.xml a2b5c1df1267861fb09200c201915bc520ab30f56eed270d8628bcf17842f613 6ff04cb352e22f8a18f24c94e9adb8036909cf2a75f41489d768a5934fb9667c 667c1ef3a1dd75b22f263d352db2577854bc55545cfbe0173434e5fed1d2ec30 2026-07-04 official
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45 U.S.C. § 1311 - Preparation for public offering

Text

(a) Public offering managers (1) Not later than 30 days after October 21, 1986, the Secretary of Transportation, in consultation with the Secretary of the Treasury and the Chairman of the Board of Directors of the Corporation, shall retain the services of investment banking firms to serve jointly and be compensated equally as co-lead managers of the public offering (hereafter in this part referred to as the “co-lead managers”) and to establish a syndicate to underwrite the public offering. The total number of co-lead managers shall be no fewer than 4 nor greater than 6. The Secretary shall designate one co-lead manager to coordinate and administer the public offering.

(2) In selecting the investment banking firms to serve as co-lead managers of the public offering under paragraph (1), consideration shall be given to the firms institutional and retail distribution capabilities, financial strength, knowledge of the railroad industry, experience in large scale public offerings, research capability, and reputation. In addition, recognition shall also be given to contributions made by particular investment banking firms before October 21, 1986, in demonstrating and promoting the long-term financial viability of the Corporation.

(b) Payment to United States (1) Not later than 30 days after October 21, 1986, the Corporation shall transfer to the Secretary of the Treasury $200,000,000.

(2) On or before February 1, 1987, or 30 days before the sale date, whichever occurs first, the Secretary of Transportation shall determine whether to require the Corporation to transfer to the Secretary of the Treasury, in addition to amounts transferred under paragraph (1), not to exceed $100,000,000, taking into account the viability of the Corporation. The Corporation shall transfer such funds as are required to be transferred under this paragraph.

(c) Registration statement The Corporation shall prepare and cause to be filed with the Securities and Exchange Commission a registration statement with respect to the securities to be offered and sold in accordance with the securities laws and the rules and regulations thereunder in connection with the initial and any subsequent public offering.

(d) Omitted

(Pub. L. 99509, title IV, § 4011, Oct. 21, 1986, 100 Stat. 1895.)

Notes

Editorial Notes

References in TextThis part, referred to in subsec. (a), was in the original “this subpart” meaning subpart A (§§ 40114013) of part 2 of subtitle A of title IV of Pub. L. 99509, Oct. 21, 1986, 100 Stat. 1895, which enacted this part and amended section 726 of this title. For complete classification of subpart A to the Code, see Tables.

Codification Subsec. (d) of this section amended section 726 of this title.