[Federal Register Volume 61, Number 191 (Tuesday, October 1, 1996)]
[Notices]
[Page 51316]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-25096]
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DEPARTMENT OF TRANSPORTATION
Surface Transportation Board 1
[STB Finance Docket No. 33124]
Norfolk Southern Railway Company--Corporate Family Transaction
Exemption--The Georgia Midland Railway Company and Elberton Southern
Railway Company
Norfolk Southern Railway Company (NSR), a Class I railroad, The
Georgia Midland Railway Company (GM), and Elberton Southern Railway
Company (Elberton), Class III railroads that own property located
entirely in the State of Georgia, have jointly filed a verified notice
of exemption. The exempt transaction is a merger of GM and Elberton
with and into NSR.2
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\1\ The ICC Termination Act of 1995, Pub. L. No. 104-88, 109
Stat. 803, which was enacted on December 29, 1995, and took effect
on January 1, 1996, abolished the Interstate Commerce Commission and
transferred certain functions to the Surface Transportation Board
(Board). This notice relates to functions that are subject to Board
jurisdiction pursuant to 49 U.S.C. 11323-24.
\2\ NSR is controlled through stock ownership by Norfolk
Southern Corporation, a noncarrier holding company. GM and Elberton
are wholly owned, direct subsidiaries of NSR. GM owns approximately
4 miles of road which are and have been leased by NSR since 1896.
Elberton owns approximately 2 miles of road which are and have been
operated by NSR since approximately 1909. The proposed agreement and
plan of merger states that any outstanding shares of GM's and
Elberton's capital stock will be canceled and retired, and no
consideration will be paid in respect of such shares.
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The transaction is expected to be consummated on or soon after
October 1, 1996.
The proposed merger will eliminate GM and Elberton as separate
corporate entities, thereby simplifying the corporate structure of NSR
and the NSR system, and eliminating costs associated with separate
accounting, tax, bookkeeping and reporting functions.
This is a transaction within a corporate family of the type
specifically exempted from prior review and approval under 49 CFR
1180.2(d)(3). The parties state that the transaction will not result in
adverse changes in service levels, significant operational changes, or
a change in the competitive balance with carriers outside the corporate
family.
As a condition to this exemption, any employees adversely affected
by the transaction will be protected by the conditions set forth in New
York Dock Ry.--Control--Brooklyn Eastern Dist., 360 I.C.C. 60 (1979).
If the verified notice contains false or misleading information,
the exemption is void ab initio. Petitions to reopen the proceeding to
revoke the exemption under 49 U.S.C. 10502(d) may be filed at any time.
The filing of a petition to reopen will not automatically stay the
transaction.
An original and 10 copies of all pleadings, referring to STB
Finance Docket No. 33124, must be filed with the Surface Transportation
Board, Office of the Secretary, Case Control Branch, 1201 Constitution
Avenue, N.W., Washington, DC 20423. In addition, a copy of each
pleading must be served on James A. Squires, Norfolk Southern
Corporation, Three Commercial Place, Norfolk, VA 23510-2191.
Decided: September 24, 1996.
By the Board, David M. Konschnik, Director, Office of
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 96-25096 Filed 9-30-96; 8:45 am]
BILLING CODE 4915-00-P
