Conrail Privatization Act of 1985

Summary

Conrail Privatization Act of 1985 - Cancels all Federal interest in debentures, contingent interest notes and series A and B preferred stock of the Consolidated Rail Corporation (Conrail). Directs the Secretary of Transportation to sell to Conrail (for a specified price) all Conrail common stock shares held by the United States. Requires the cancellation of such shares after the sale. Prohibits the carryforward of investment tax credits or net operating loss deductions for Conrail for any taxable year after December 31, 1985. Directs Conrail to issue new common and preferred stock. Restricts the ownership or control of Conrail voting securities by any one person to ten percent. Requires the Secretary of Transportation to serve on the Conrail Board of Directors. Provides that the Secretary may only vote as a member of the Board on questions of overriding public interest. Grants the Secretary exclusive power to determine which Conrail actions raise questions of overriding public interest. Maintains the geographic location of Conrail headquarters as of the day prior to the stock sale.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 30 January 1985

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.