45 U.S.C. § 1115 — Redemption of stock
submitted 45 years ago by Pub. L. 97-35 to r/title-45-RAILROADS · 113 words · no verdicts yet
This section sets rules for redeeming the stock covered by it. It states the parties’ rights and the procedure provided in the section.
to computing the amount for which certificates of value must be redeemable under section 746 of this title , the series B preferred stock and the common stock conveyed to the Secretary under section 1107 1 of this title must be deemed to be without fair market value unless in a proceeding brought under section 1105(a)(4) of this title the special court must have determined that such securities had a value and must have entered a judgment against the United States for that value. In such an event, the securities must for purposes of section 746 of this title be deemed to have that value found by the special court.
For the purpose of computing the amount for which certificates of value shall be redeemable under section 746 of this title, the series B preferred stock and the common stock conveyed to the Secretary under section 1107 1 of this title shall be deemed to be without fair market value unless in a proceeding brought under section 1105(a)(4) of this title the special court shall have determined that such securities had a value and shall have entered a judgment against the United States for that value. In such an event, the securities shall for purposes of section 746 of this title be deemed to have that value found by the special court.
Source credit: (Pub. L. 97–35, title XI, § 1167(b), Aug. 13, 1981, 95 Stat. 686.)
- 1981Enacted · Pub. L. 97-35 · 95 Stat. 686
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-35 on 1981-08-13.
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