PUBLIC LAW 99-509—OCT. 21, 1986
100 STAT. 1901
control of the Corporation under section 11344 of title 49, United States Code. (3) As used in this subsection, the term "railroad" means a class I railroad as determined by the Commission under the definition in effect on the date of the enactment of this Act, and includes any entity controlling, controlled by, or under common control with any railroad (other than the Corporation or its subsidiaries). SEC. 4023. BOARD OF DIRECTORS.
The Board of Directors of the Corporation shall be comprised as follows: (1) Except as provided in paragraph (3), with respect to the period ending June 30, 1987, the board shall remain as it exists on the date of the enactment of this Act, with any vacancies being filled by directors nominated and elected by the remainder of the members of the board. (2)(A) Except as provided in paragraph (3), with respect to the period beginning July 1, 1987, the board shall consist of— f (i) 3 directors appointed by the Secretary of Transportation; (ii) the Chief Executive Officer and the Chief Operating Officer of the Corporation; and (iii) 8 directors appointed from among persons knowledgeable in business affairs by the special court trustees named under subparagraph (C), in consultation with the Secretary of Transportation and the Chairman of the Board of Directors of the Corporation, and recognizing the need for and importance of— (I) continuity in the direction of the Corporation's business and affairs; (II) preserving the value of the investment of the United States in the Corporation; (III) preserving essential rail service provided by the Corporation; and (IV) providing for the sale of the United States f shares. (B) The Secretary of Transportation and the special court trustees may appoint directors under subparagraph (A) from
- among existing directors of the Corporation.
(C)(i) If more than 50 percent of the interest of the United States in the Corporation has not been sold before June 1, 1987, the special court established under section 209 of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 719) shall, on that date, name 3 trustees from among persons knowledgeable in business affairs to make the appointments required by subparagraph (A)(iii). The Corporation shall compensate the special court trustees in an amount to be specified by the special court, not to exceed the amount paid by the Corporation to its directors for comparable services. (ii) No person shall be eligible to be appointed as a special court trustee under this subparagraph who, at any time during the 30 months immediately preceding such appointment, was an officer, employee, or director of the United States Railway Association, the Corporation, or the Department of Transportation. (3)(A) After the sale date, one director shall be elected by the public shareholders of the Corporation for each increment of
45 USC 1323.
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