[Federal Register Volume 61, Number 100 (Wednesday, May 22, 1996)]
[Notices]
[Page 25740]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-12831]
-----------------------------------------------------------------------1
---------------------------------------------------------------------------
DEPARTMENT OF TRANSPORTATION
\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.
---------------------------------------------------------------------------
Surface Transportation Board \1\
[STB Finance Docket No. 32891]
Norfolk Southern Railway Company--Corporate Family Transaction
Exemption--Southern Railway-Carolina Division
Norfolk Southern Railway Company (NSR), a Class I common carrier by
railroad, and Southern Railway-Carolina Division (SRCD), a Class III
common carrier railroad, have jointly filed a verified notice of
exemption. The exempt transaction is a merger of SRCD with and into
NSR.2
---------------------------------------------------------------------------
\2\ SRCD is a wholly owned, direct subsidiary of NSR with
authorized capital stock of 77,987 shares of Common Stock, 41,762 of
which are issued and outstanding and owned by NSR. NSR has leased
and operated the properties of SRCD since approximately 1902. The
proposed agreement and plan of merger states that any outstanding
shares of SRCD's capital stock will be canceled and retired, and no
consideration will be paid in respect of such shares.
---------------------------------------------------------------------------
The transaction is expected to be consummated on or after June 1,
1996.
The proposed merger will eliminate SRCD as a separate corporate
entity, 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 oerational 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. 32891, 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: May 16, 1996.
By the Board, David M. Konschnik, Director, Office of
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 96-12831 Filed 5-21-96; 8:45 am]
BILLING CODE 4915-00-P
