74T H CONGRESS . SESS. I. CH . 498. AUGUST 9, 1935.
557 "(f ) The carriers and any person affected by any order made under Carriers relieved from op eration o f anti- the foregoing provisions of this section shall be, and they are hereby, trust laws. p.2os; U. S. relieved from the operation of the antitrust laws', as designated in c ., p . 509 . section 1 of the Act entitled `An Act to supplement existing laws against unlawful restraints, and monopolies, and for other purposes', approved October 15, 1914, and of all other restraints or prohibitions by or impo sed under authori ty of law, State or Federal, insof ar as may be nec ess ary to enable them to do a nyt hing au thor ized or required b y such order . " ISSUANCE OF SECURITIES
of.
issua nce . " SEC. 214. Common or contract carriers by motor vehicle, co r- to. Provisions porations organized for the purpose of engaging in transportation as such carriers, and corporations authorized by order entered under section 213 (a) (1) to acquire control of any such carrier, or of two or mor e such carriers, shall be subject to the provisions of para- vol . 41, p .494;IT. S. graphs 2 to 11, inclusive, of section 20a ofpartIofthisActc.,p.2231. (including penalties applicable in cases of violations thereof) Prov ided however That said provisions shall not apply to such rronisos . >
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Restricti on on app li- carriers or corporations where the par value of the securities to be cation of provisions . issued, together with th e par value of the securities then outstanding, securities having no does not exceed $500,000 . In the case of securities having no par par value . value, the par value for the purpose of this section shall be the fair market value as of the date of their issue : Provided further That Secur ities Act, 1933 ; amendment . the exemption in section 3 (a) (6) of the `Securities Act, 1933' is vol . 4s,p.76; U. a . hereby amended to read as follows : `(6) Any security issued by a C.,p. 4,p.494;U.S. common or contract carrier, the issuance of which is subject to the C.,p.2231. provisions of section 20a of the Inte rst ate Commerce Act, as amended ;' . Security for protec- SECU RITY SEC URIT Y FOR THE PR OTEC TIO N OF THE PUB LIC
tionofpublic . " SEC. 215 . No certificate or permit shall be issued to a motor car- surety bonds; filing and approval . rier or remain in force, unless such carrier complies with such reason- able rules and regulations as the Commission shall prescribe govern- ing the filing and approval of surety bonds, policies of insurance, Insu rance policies ; qu alificatio ns as sel f- q ualif icatio ns as a se lf-ins urer or ot her s ecurit ies o r agr eement s, in insurer ; regulations such reasonable amount as the Commission may require, conditioned g overnin g . t o pay, within the amount of such surety bonds, policies of insurance, qualific ations as a self-insurer or other securities or agreements, any final judgment recovered against such motor carrier for bodily injuries to or the death of any person resulting from the negligent operation, maintenance, or use of motor vehicles under such certifi- cate or permit, or for loss or damage to property of others . The Compensationto Co mmission may, in its discretion an d under such rule s and regula- shippers. tions as it shall prescribe, require any such common carrier to file a surety bond, policies of insurance, qualifications as a self-insurer, or other securities or agreements, in a sum to be determined by the Commission, to be conditioned upon such carrier making compensa- tion to shippers and/or consignees for all property belong' to shippers and/or consignees, and coming into the possession of such carrier in connection with its transportation service . Any car ri er which may Carriersubrogatedto rights of shipper wh en be required by law to compensate a shipper and/or consignee for payme nt made . any loss, damage, or default for which a connecting motor common carrier is legally responsible shall be subrogated to the rights of such shipper and/or consignee under ar j such bond, policies of insurance, or other securities or agreements, to the extent of the sum so paid . 'So in origins 1.
