49 U.S.C. § 11367
Section 11367 · Application of other laws
Amended 2 times on record
(a) Section 14(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78n(a)) does not apply to a solicitation related to a proposed change under this subchapter.
(b) If the Interstate Commerce Commission finds an issuance of a security, that is an interest in a railroad equipment trust as defined in section 3(a)(6) of the Securities Act of 1933 (15 U.S.C. 77c(a)(6)), under this subchapter complies with section 11301 of this title, it is considered to be an issuance subject to section 11301 within the meaning of section 3(a)(6). Section 5 of that Act (15 U.S.C. 77e) does not apply to the issuance, sale, or exchange of certificates of deposit representing securities of, or claims against, a carrier that are issued by committees in proceedings under this subchapter. Those certificates and transactions under this subchapter are exempt from that Act (15 U.S.C. 77a et seq.).
Editorial notes U.S. Code · Office of the Law Revision Counsel
In subsection (a), the word “change” is substituted for “alteration or modification” for consistency.
In subsection (b), the words “the Interstate Commerce Commission finds . . . complies” are substituted for “which shall be found by the Commission to comply” for clarity. The words “that is an interest in a railroad equipment trust as defined in section 77c(a)(6) of title 15” are added for consistency in view of the amendments made by section 308 of the Railroad Revitalization and Regulatory Reform Act of 1976. The words “is considered” are substituted for “shall be deemed” for clarity. The last sentence is substituted for the words “and said certificates of deposit and transactions therein shall, for the purposes of said Securities Act, be deemed to be added to those exempted by section 77c and 77e of title 15” for clarity.
References in Text
That Act, referred to in subsec. (b), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, as amended, known as the Securities Act of 1933, which is classified generally to subchapter I (section 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables.
Amendments
1984—Subsec. (a). Pub. L. 98–216, §2(18), substituted “Section 14(a) of the Securities and Exchange Act of 1934 (15 U.S.C. 78n(a))” for “Section 78n(a) of title 15”.
Subsec. (b). Pub. L. 98–216, §2(19), substituted “section 3(a)(6) of the Securities Act of 1933 (15 U.S.C. 77c(a)(6))” for first reference to “section 77c(a)(6) of title 15”, “section 3(a)(6)” for second reference to “section 77c(a)(6) of title 15”, “Section 5 of that Act (15 U.S.C. 77e)” for “Section 77e of title 15”, and “that Act (15 U.S.C. 77a et seq.)” for “subchapter I of chapter 2A of title 15”.