### Statutory Notes
Section, Pub. L. 93–236, title VII, § 701, as added Pub. L. 97–35, title XI, § 1143(a), Aug. 13, 1981, 95 Stat. 661; Pub. L. 99–509, title IV, § 4024(a), (b), Oct. 21, 1986, 100 Stat. 1903, related to employee protection agreement.
#### Repeal of Section; Continuing Responsibilities of Consolidated Rail Corporation After Sale Date
Pub. L. 99–509, title IV, § 4024(c)–(f), Oct. 21, 1986, 100 Stat. 1904, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “(c) Repeal of Section 701.—Section 701 of the Regional Rail Reorganization Act of 1973 [[45 U.S.C. 797](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section797&num=0&edition=prelim)] is repealed effective on the sale date [Apr. 2, 1987, see [45 U.S.C. 702](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section702&num=0&edition=prelim)(17A)]. Notwithstanding this repeal—“(1) any dispute or controversy regarding benefits under section 701 shall be determined under the terms of the law in effect prior to such repeal; and “(2) the Railroad Retirement Board shall take such actions as may be necessary to complete administration and closeout of the section 701 program and the Board is authorized to receive and apply Corporation funds for this purpose. “(d) Continuing Responsibilities.—(1) On and after the sale date, the Corporation shall provide the protection for its employees described in ‘Part III, Article III, Employee Protection’, of the ‘Definitive Agreement of September 17, 1985, By and Between Conrail and the Undersigned Representatives of Conrail’s Agreement Employees’ and Appendix 3 thereto, together with any amendments thereto, or under any other terms and conditions as shall be agreed between the Corporation and the repr
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Stable record: federal_law:legal_authorities:record_usc_5e3cba8b6c1c3056d47d8dcb Source file: Laws/federal/codes/united-states-code/title-45/section-797-repealed-pub-l-99509-title-iv-4024-c-oct-21-1986-100-stat-1904--6194ca7de5.md Pages: Not recorded – Not recorded Passage SHA-256: b8a39c945dc4ed7a4d7c902a0ffd3300e3093074ee0472c6af9ccac603f232bb Retained source evidence SHA-256: 1bdf9c3e1e5102a2fc2e578dc1a7baddb52b05a0ad357c05a1655fe1e10b873a
Source location: Title 45, Chapter 16, § 797; chapter-016-regional-rail-reorganization.md
Stored source content
### Statutory Notes
Section, Pub. L. 93–236, title VII, § 701, as added Pub. L. 97–35, title XI, § 1143(a), Aug. 13, 1981, 95 Stat. 661; Pub. L. 99–509, title IV, § 4024(a), (b), Oct. 21, 1986, 100 Stat. 1903, related to employee protection agreement.
#### Repeal of Section; Continuing Responsibilities of Consolidated Rail Corporation After Sale Date
Pub. L. 99–509, title IV, § 4024(c)–(f), Oct. 21, 1986, 100 Stat. 1904, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “(c) Repeal of Section 701.—Section 701 of the Regional Rail Reorganization Act of 1973 [[45 U.S.C. 797](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section797&num=0&edition=prelim)] is repealed effective on the sale date [Apr. 2, 1987, see [45 U.S.C. 702](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section702&num=0&edition=prelim)(17A)]. Notwithstanding this repeal—“(1) any dispute or controversy regarding benefits under section 701 shall be determined under the terms of the law in effect prior to such repeal; and “(2) the Railroad Retirement Board shall take such actions as may be necessary to complete administration and closeout of the section 701 program and the Board is authorized to receive and apply Corporation funds for this purpose. “(d) Continuing Responsibilities.—(1) On and after the sale date, the Corporation shall provide the protection for its employees described in ‘Part III, Article III, Employee Protection’, of the ‘Definitive Agreement of September 17, 1985, By and Between Conrail and the Undersigned Representatives of Conrail’s Agreement Employees’ and Appendix 3 thereto, together with any amendments thereto, or under any other terms and conditions as shall be agreed between the Corporation and the representatives of its employees. “(2) The Corporation shall pay, as designated by the Railroad Retirement Board, any remaining benefits under section 701 of the Regional Rail Reorganization Act of 1973 [[45 U.S.C. 797](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section797&num=0&edition=prelim)] that accrued, but were not disbursed, prior to the sale date. “(3) The Railroad Retirement Board shall transfer to the Corporation such information regarding administration of the labor protection program under such section 701 as may be reasonably necessary for the Corporation to discharge its responsibilities under this subsection, including copies of the individual claim records of employees of the Corporation. “(4) The United States shall have no liability for benefits under this subsection. “(e) Compensation for Wages Below Industry Standard.—The Corporation shall pay $200,000,000 to present and former employees subject to collective bargaining agreements, in accordance with the terms and conditions in the Definitive Agreement referred to in subsection (d)(1), or as otherwise agreed between the parties. “(f) ESOP Transactions.—(1) As soon as practicable after the date of the enactment of this Act [Oct. 21, 1986], the employee stock ownership plan of the Corporation (hereafter in this subsection referred to as the ‘ESOP’) shall be amended to provide that—“(A) the shares of the ConRail Equity Corporation preferred stock held by the ESOP shall be surrendered by the ESOP in exchange for an equal number of shares of the common stock of the Corporation, and such common stock of the Corporation shall be allocated by the ESOP to the same persons in the same amounts as the shares of ConRail Equity Corporation preferred stock had been allocated; and “(B) the remaining shares of the ConRail Equity Corporation preferred stock held by the Corporation shall be cancelled, and an equal number of shares of the common stock of the Corporation shall be contributed by the Corporation to the ESOP, which shares shall be allocated by the ESOP to persons who are or were ESOP participants in accordance with the formula set forth in section 2 of Article II of Part III of the Definitive Agreement referred to in subsection (d)(1), and in accordance with a comparable formula for present and former employees of the Corporation not covered by such section of the Definitive Agreement, except that no contribution by the Corporation to the ESOP shall be made which would affect the tax-qualified status of the ESOP, or of any of the employee benefit plans maintained by the Corporation or any affiliate of the Corporation, under the Internal Revenue Code of 1986 [[26 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1&num=0&edition=prelim) et seq.]. “(2)(A)(i) As soon as practicable after the expiration of 180 days after 100 percent of the United States shares are sold, the ESOP shall distribute all of the stock in the accounts of its participants and beneficiaries, except as provided in clause (ii). “(ii) Fractional shares shall not be distributed under clause (i). Shares equal to the aggregate amount of fractional shares shall be surrendered by the ESOP and redeemed by the Corporation for cash at the average closing price for the common stock of the Corporation on a national securities exchange for the 10 business days immediately preceding the date of distribution under clause (i), or, if the common stock of the Corporation is not listed on a national securities exchange, at the average closing price for such stock for such 10 business days as appearing in any regularly published reporting or quotation service, and the proceeds of such redemption shall be distributed by the ESOP to the same participants and beneficiaries and in the same amounts as the fractional shares had been allocated. “(B) After completing the distribution under subparagraph (A), the ESOP shall terminate. “(3) The Corporation shall distribute any full shares of its common stock which, because of the exception under paragraph (1)(B), could not be contributed to the ESOP to those persons to whom the ESOP would have allocated such shares pursuant to paragraph (1)(B) had such shares been contributed to the ESOP. The Corporation shall pay cash pursuant to the formula set forth in paragraph (2)(A)(ii) in lieu of fractional shares. “(4) For purposes of Rule 144 promulgated under the Securities Act of 1933 [[15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) et seq.], each share of the common stock of the Corporation distributed under this subsection shall be deemed to have been beneficially owned by the recipient, as of the date of such distribution, for a period of 3 years.”
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
Stored review status: release_metadata_unconfirmed. The source passage cites 15 U.S.C. § 77a. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 77a. Short title
This subchapter may be cited as the ‘‘Securi-
ties Act of 1933’’.
(May 27, 1933, ch. 38, title I, § 1, 48 Stat. 74.)
Statutory Notes and Related Subsidiaries
SHORT TITLE OF 2012 AMENDMENT
Pub. L. 112–142, § 1, July 9, 2012, 126 Stat. 989, provided
that: ‘‘This Act [amending section 77c of this title] may
be cited as the ‘Church Plan Investment Clarification
Act’.’’
Pub. L. 112–106, title III, § 301, Apr. 5, 2012, 126 Stat.
315, provided that: ‘‘This title [enacting section 77d–1 of
this title, amending sections 77d, 77r, 78c, 78l, and 78o of
this title, and enacting provisions set out as notes
under sections 77d, 77r, 78c, and 78l of this title] may be
cited as the ‘Capital Raising Online While Deterring
Fraud and Unethical Non-Disclosure Act of 2012’ or the
‘CROWDFUND Act’.’’
SHORT TITLE OF 1980 AMENDMENT
Pub. L. 96–477, title VI, § 601, Oct. 21, 1980, 94 Stat.
2294, provided that: ‘‘This title [amending sections 77b
and 77d of this title] may be cited as the ‘Small Busi-
ness Issuers’ Simplification Act of 1980’.’’
§ 77b. Definitions; promotion of efficiency, com-
petition, and capital formation
(a) Definitions
When used in this subchapter, unless the con-
text otherwise requires—
Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 77a. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 1. Tax imposed
(a) Married individuals filing joint returns and
surviving spouses
There is hereby imposed on the taxable in-
come of—
(1) every married individual (as defined in
section 7703) who makes a single return jointly
with his spouse under section 6013, and
(2) every surviving spouse (as defined in sec-
tion 2(a)),
a tax determined in accordance with the fol-
lowing table:
If taxable income is:
The tax is:
Not over $36,900 ..........
15% of taxable income.
Over $36,900 but not
over $89,150.
$5,535, plus 28% of the ex-
cess over $36,900.
Over $89,150 but not
over $140,000.
$20,165, plus 31% of the ex-
cess over $89,150.
Over $140,000 but not
over $250,000.
$35,928.50, plus 36% of the
excess over $140,000.
Over $250,000 ...............
$75,528.50, plus 39.6% of the
excess over $250,000.
(b) Heads of households
There is hereby imposed on the taxable in-
come of every head of a household (as defined in
section 2(b)) a tax determined in accordance
with the following table:
If taxable income is:
The tax is:
Not over $29,600 ..........
15% of taxable income.
Over $29,600 but not
over $76,400.
$4,440, plus 28% of the ex-
cess over $29,600.
Over $76,400 but not
over $127,500.
$17,544, plus 31% of the ex-
cess over $76,400.
Over $127,500 but not
over $250,000.
$33,385, plus 36% of the ex-
cess over $127,500.
Over $250,000 ...............
$77,485, plus 39.6% of the
excess over $250,000.
(c) Unmarried individuals (other than surviving
spouses and heads of households)
There is hereby imposed on the taxable in-
come of every individual (other than a surviving
spouse as defined in section 2(a) or the head of
a household as defined in section 2(b)) who is not
a married individual (as defined in section 7703)
a tax determined in accordanc
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 1. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter, unless the context otherwise requires—
(1) “Association” means the United States Railway Association, established under [section 711 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section711&num=0&edition=prelim);
(2) “Commission” means the Interstate Commerce Commission;
(3) “Commuter authority” means any State, local, or regional authority, corporation, or other entity established for purposes of providing commuter service, and includes the Metropolitan Transportation Authority, the Connecticut Department of Transportation, the Maryland Department of Transportation, the Southeastern Pennsylvania Transportation Authority, the New Jersey Transit Corporation, the Massachusetts Bay Transportation Authority, the Port Authority Trans-Hudson Corporation, any successor agencies, and any entity created by one or more such agencies for the purpose of operating, or contracting for the operation of, commuter service;
(4) “Commuter service” means short-haul rail passenger service operated in metropolitan and suburban areas, whether within or across the geographical boundaries of a State, usually characterized by reduced fare, multiple-ride, and commutation tickets, and by morning and evening peak period operations;
(5) “Corporation” means the Consolidated Rail Corporation required to be established under [section 741 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title45-section741&num=0&edition=prelim) or its successor by merger, consolidation or other form of succession carried out under applicable law for the purpose of changing the State of its incorporation;
(6) “effective date of the final system plan” means the date on which the final system plan or any revised final system plan
Stored review status: release_metadata_unconfirmed. The source passage cites 45 U.S.C. § 702. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 702. Definitions
As used in this chapter, unless the context
otherwise requires—
(1) ‘‘Association’’ means the United States
Railway Association, established under sec-
tion 711 of this title;
(2) ‘‘Commission’’ means the Interstate
Commerce Commission;
(3) ‘‘Commuter authority’’ means any State,
local, or regional authority, corporation, or
other entity established for purposes of pro-
viding commuter service, and includes the
Metropolitan Transportation Authority, the
Connecticut Department of Transportation,
the Maryland Department of Transportation,
the
Southeastern
Pennsylvania
Transpor-
tation Authority, the New Jersey Transit Cor-
poration, the Massachusetts Bay Transpor-
tation Authority, the Port Authority Trans-
Hudson Corporation, any successor agencies,
and any entity created by one or more such
agencies for the purpose of operating, or con-
tracting for the operation of, commuter serv-
ice;
(4) ‘‘Commuter service’’ means short-haul
rail passenger service operated in metropoli-
tan and suburban areas, whether within or
across the geographical boundaries of a State,
usually characterized by reduced fare, mul-
tiple-ride, and commutation tickets, and by
morning and evening peak period operations;
(5) ‘‘Corporation’’ means the Consolidated
Rail Corporation required to be established
under section 741 of this title or its successor
by merger, consolidation or other form of suc-
cession carried out under applicable law for
the purpose of changing the State of its incor-
poration;
(6) ‘‘effective date of the final system plan’’
means the date on which the final system plan
or any revised final system plan is deemed ap-
proved by Congress, in accordance with sec-
tion 718 of this title;
(7) ‘‘employee stock ownership plan’’ means
Stored review status: historical_2024_not_currentness_verified. The source passage cites 45 U.S.C. § 702. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 797. Repealed. Pub. L. 99–509, title IV, § 4024(c),
Oct. 21, 1986, 100 Stat. 1904
Section, Pub. L. 93–236, title VII, § 701, as added Pub.
L. 97–35, title XI, § 1143(a), Aug. 13, 1981, 95 Stat. 661;
Pub. L. 99–509, title IV, § 4024(a), (b), Oct. 21, 1986, 100
Stat. 1903, related to employee protection agreement.
Statutory Notes and Related Subsidiaries
REPEAL OF SECTION; CONTINUING RESPONSIBILITIES OF
CONSOLIDATED RAIL CORPORATION AFTER SALE DATE
Pub. L. 99–509, title IV, § 4024(c)–(f), Oct. 21, 1986, 100
Stat. 1904, as amended by Pub. L. 99–514, § 2, Oct. 22,
1986, 100 Stat. 2095, provided that:
‘‘(c) REPEAL OF SECTION 701.—Section 701 of the Re-
gional Rail Reorganization Act of 1973 [45 U.S.C. 797] is
repealed effective on the sale date [Apr. 2, 1987, see 45
U.S.C. 702(17A)]. Notwithstanding this repeal—
‘‘(1) any dispute or controversy regarding benefits
under section 701 shall be determined under the terms
of the law in effect prior to such repeal; and
‘‘(2) the Railroad Retirement Board shall take such
actions as may be necessary to complete administra-
tion and closeout of the section 701 program and the
Board is authorized to receive and apply Corporation
funds for this purpose.
‘‘(d) CONTINUING RESPONSIBILITIES.—(1) On and after
the sale date, the Corporation shall provide the protec-
tion for its employees described in ‘Part III, Article III,
Employee Protection’, of the ‘Definitive Agreement of
September 17, 1985, By and Between Conrail and the Un-
dersigned Representatives of Conrail’s Agreement Em-
ployees’ and Appendix 3 thereto, together with any
amendments thereto, or under any other terms and
conditions as shall be agreed between the Corporation
and the representatives of its employees.
‘‘(2) The Corporation shall pay, as de