Page:United States Statutes at Large Volume 54 Part 1.djvu/939

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54 STAT.] 76TH CONG. , 3D SESS.-CH. 722-SEPT. 18, 1940 fare, or charge is filed with the Interstate Commerce Commission within such six months period, until the Commission has acted upon such application. POOLING; UNIFICATIONS, MERGERS, AND ACQUISITIONS OF CONTROL SEC. 7. Section 5 of the Interstate Commerce Act, as amended, is 4Sa.s 8 (). amended to read as follows: "SEC. 5 . (1) Except upon specific approval by order of the Com- eUnlawful agree- mission as in this section provided, and except as provided in para- Poolng, etc. graph (16) of section 1 of this part, it shall be unlawful for any com- 49 us. S. 1 (16) mon carrier subject to this part, part II, or part III to enter into any Po, pp. 919, 929 contract, agreement, or combination with any other such common car- rier or carriers for the pooling or division of traffic, or of service, or of gross or net earnings, or of any portion thereof; and in any case of an unlawful agreement for the pooling or division of traffic, service, or earnings as aforesaid each day of its continuance shall be a sepa- rate offense: Provided, That whenever the Commission is of opinion, roi when n after hearing upon application of any such carrier or carriers or upon interest ofbetter serr- its own initiative, that the pooling or division, to the extent indicated ce . by the Commission, of their traffic, service, or gross or net earnings, or of any portion thereof, will be in the interest of better service to the public or of economy in operation, and will not unduly restrain competition, the Commission shall by order approve and authorize, if assented to by all the carriers involved, such pooling or division, under such rules and regulations, and for such consideration as between such carriers and upon such terms and conditions, as shall be found by the Commission to be just and reasonable in the premises: Provided further, That any contract, agreement, or combination to wontract, er ,i which any common carrier by water subject to part III is a party, isa arty. relating to the pooling or division of traffic, service, or earnings, or Pdp.99. any portion thereof, lawfully existing on the date this paragraph as amended takes effect, if filed with the Commission within six months after such date, shall continue to be lawful except to the extent that the Commission, after hearing upon application or upon its own initiative, may find and by order declare that such contract, agree- ment, or combination is not in the interest of better service to the public or of economy in operation, or that it will unduly restrain competition. "(2) (a) It shall be lawful, with the approval and authorization Merrs. of the Commission, as provided in subdivision (b)- "(i) for two or more carriers to consolidate or merge their properties or franchises, or any part thereof, into one corpora- tion for the ownership, management, and operation of the properties theretofore in separate ownership; or for any carrier, or two or more carriers jointly, to purchase, lease, or contract to operate the properties, or any part thereof, of another; or for any carrier, or two or more carriers jointly, to acquire control of another through ownership of its stock or otherwise; or for a person which is not a carrier to acquire control of two or more carriers through ownership of their stock or otherwise; or for a person which is not a carrier and which has control of one or more carriers to acquire control of another carrier through ownership of its stock or otherwise; or "(ii) for a carrier by railroad to acquire trackage rights over, or joint ownership in or joint use of, any railroad line or lines owned or operated by any other such carrier, and terminals incidental thereto.