Employee stock ownership plans

49 U.S.C. § 24304

• Title: 49 — Transportation
• Chapter: 243 — AMTRAK

Text

In issuing stock pursuant to applicable corporate law, Amtrak is encouraged to include employee stock ownership plans.

History

(Pub. L. 103–272, §1(e), July 5, 1994, 108 Stat. 908; Pub. L. 105–134, title IV, §415(a)(1), Dec. 2, 1997, 111 Stat. 2590.)

Editorial Notes

In subsection (a), before clause (1), the words "issue and" are omitted because they are included in "have outstanding". The words "in such amounts as it shall determine" are omitted as surplus. The words "one issue of common stock and one issue of preferred stock" are substituted for "two issues of capital stock, a common and a preferred" for clarity. In clause (1), the word "designated" is omitted as surplus.
In subsection (b)(1)(A), the words "may not hold" are substituted for "may be issued and held only by any person other than" to eliminate unnecessary words.
In subsections (b)(1)(B) and (c), the words "as defined in section 10102(6) of title 49" are omitted because of the definition of "rail carrier" in section 24102 of the revised title.
In subsection (b)(1)(B), the words "after the initial issue is completed" are omitted as executed. The words "single" and "directly or indirectly through subsidiaries or affiliated companies, nominees, or any person subject to its direction or control" are omitted as surplus. The words "may vote not more than one-third of the total number of shares of outstanding common stock of Amtrak" are substituted for "At no time . . . shall the aggregate of the shares of common stock of the Corporation voted by . . . exceed 331/3 per centum of such shares issued and outstanding" to eliminate unnecessary words.
In subsection (b)(2), the words "Additional common stock" are substituted for "a number of shares in excess of 331/3 per centum of the total number of common shares issued and outstanding, such excess number" to eliminate unnecessary words. The words "issued and" are omitted because they are included in "outstanding".
Subsection (c)(1) is substituted for "Dividends shall be fixed at a rate not less than 6 per centum per annum, and shall be cumulative" to eliminate unnecessary words.
In subsection (c)(2), the text of 45:544(a) (last sentence) (A) (last sentence) and the words "for any dividend period" and "at the rate fixed in the articles of incorporation" are omitted as surplus.
In subsection (c)(3), the words "holders of preferred stock" are substituted for "preferred stockholders", and the words "holders of common stock" are substituted for "common stockholders", for consistency in this chapter.
In subsection (c)(4), the words "at such time and upon such terms as the articles of incorporation shall provide" are omitted as surplus.
In subsection (d)(1), the text of 45:544(c)(1) and the words "Commencing on October 1, 1981" are omitted as executed. The words "and in consideration of receiving further Federal financial assistance", "of the United States Government", "additional", and "of funds" are omitted as surplus.
In subsection (d)(3), the words "required to be issued" are omitted as surplus.
Subsection (e) is substituted for 45:544(e)(2) to eliminate unnecessary words.
In subsection (f), the words "in addition to the stock authorized by subsection (a) of this section", "securities, bonds, debentures, notes, and other", and "as it may determine" are omitted as surplus.
Subsection (g) is substituted for 45:544(e)(1) to eliminate unnecessary words.

Editorial Notes

Amendments
1997—Pub. L. 105–134 amended section catchline and text generally, substituting provisions relating to employee stock ownership plans for provisions relating to capitalization of Amtrak.

Statutory Notes and Related Subsidiaries

Amtrak Stock
Pub. L. 105–134, title IV, §415(b), (c), Dec. 2, 1997, 111 Stat. 2590, provided that Amtrak was to redeem all common stock previously issued for the fair market value of such stock before Oct. 1, 2002, and that the preferred stock of Amtrak held by the Secretary of Transportation would confer no liquidation preference, effective 90 days after Dec. 2, 1997, and confer no voting rights, effective 60 days after Dec. 2, 1997.