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73d CONGRESS . SESS. I. CH. 91. JUNE 16, 1933 . a common carrier subject to the provisions of this Act, and for the As to issues of seem'- purposes of paragraphs (2) to (11), inclusive, of section 20a (relat- ties, liab iliti es, e tc . ing to issues of securities and assumptions of liability of carriers), including the penalties applicable in the case of violations of such To be treated as a paragraphs, be considered as a `carrier' as such term is defined in "carrier." paragraph (1) of such section, and be treated as such by the Com- mission in the administration of the paragraphs specified . In the Assumption of obli application of such provisions of section 20a in the case of any such gations . corporation the Commission shall authorize the issue or assumption applied for only if it finds that such issue or assumption is consistent with the proper performance by each carrier which is under the con- trol of such corporation of its service to the public as a common car- rier, will not impair the ability of any such carrier to perform such service, and is otherwise compatible with the public interest. Control or manage- " ( 6) It shall be unlawful for any person, except as provided in meat unif icat ion o f two or more carriers . paragraph (4), to accomplish or effectuate, or to participate in accom- plishing or effectuating, the control or management in a common interest of any two or more carriers, however such result is attained, whether directly or indirectly, by use of common directors, officers, or stockholders, a holding or investment company or companies, a voting trust or trusts, or in any other manner whatsoever . It shall be unlawful to continue to maintain control or management accom- plished or effectuated after the enactment of this amendatory para- graph and in violation of its provisions . As used in this paragraph Control or manage- and par agra ph (7 ), the words `control or management' shall be ment", construed .
construed to include the power to exercise control or management . Tvansactions deemed "(7) For t he pur poses of pa ragrap hs (6) and (11), but not in effecting co ntr ol or man age me nt anywise limiting the application thereof, any transaction shall be deemed to accomplish or effectuate the control or management in a common interest of two carriers- " (a) If such transaction is by a carrier, and if the effect of such transaction is to place such carrier and persons affiliated with it, taken together, in control of another carrier . " (b) If such transaction is by a person affiliated with a carrier, and if the effect of such transaction is to place such carrier and per- sons affiliated with it, taken together, in control of another carrier . "(c) If such transaction is by two or more persons acting together . one of whom is a carrier or is affiliated with a carrier, and if the effect of such transaction is to place such persons and carriers and persons affiliated with any one of them and persons affiliated with any such affiliated carrier, taken together, in control of another carrier . " nedd ted person"' "(8) For the purposes of paragraph (7) a person shall be held defined . t o be affiliated with a carrier if, by reason of the relationship of such person to such carrier (whether by reason of the method of, or cir- cumstances surrounding organization or operation, or whether estab- lished through common directors, officers, or stockholders, a voting trust or trust s, a holding or investment company or co mpanies, or any other direct or indirect means), it is reasonable to believe that the affairs of any carrier of which control may be acquired by such person will be managed in the interest of such other carrier . I mmate rial whe ther "(9) For the purposes of paragraphs (6) , (7), (8), a nd (11), references to control relate to direct or indi- wherever reference is made to control it is immaterial whether such rect .
control is direct or indirect . As used in this paragraph and para- C ont rol con stru edl
graphs (7), (8), and (11) the term `control' shall be construed to include the power to exercise control . Inv estigations an- "(1 0) The Commission is hereby authorized, upon complaint or thorized .
upon its own initiative without complaint, but after notice and hearing, to investigate and determine whether any person is violating
