Research Report Volume 54-57

Research Report Volume 54-57

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: seen from a study of this section of the law that all carriers have a definite limitation upon the amount which they may disburse in dividends. The provision requires the railroads to use their share of any excess moneys for the accumulation of a fund equal to 5% of the value of their total railway property before any earnings may be turned over for use in new construction. The specific provisions for the consolidation of the roads of the country are found in Section 407 of the Transportation Act of 1920 which forms an amendment to Section 5 of the Interstate Commerce Act. The first provision deals with the acquisition of control of one carrier by another by means of purchase of its stock and reads as follows: "Whenever the Commission is of opinion, after hearing, upon application of any carrier or carriers engaged in the transportation of passengers or property subject to this Act, that the acquisition, to the extent indicated by the Commission, by one of such carriers of the control of any other such carrier or carriers either under a lease or by the purchase of stock or in any other manner not involving the consolidation of such carriers into a single system for ownership and operation, will be in the public interest, the Commission shall have authority by order to approve and authorize such acquisition, under such rules and regulations and for such consideration and on such terms and conditions as shall be found by the Commission to be just and reasonable in the premises. "The Commission may from time to time, for good cause shown, make such orders, supplemental to any order made under paragraph (1) or (2), as it may deem necessary or appropriate." The Act then proceeds to outline the provisions for the more

Product details

  • Paperback | 94 pages
  • 189 x 246 x 5mm | 181g
  • United States
  • English
  • black & white illustrations
  • 123694321X
  • 9781236943217