54 STAT.] 76TH CONG. , 3D SESS.-CH. 722-SEPT. 18 , 1940 ment, except that the protection afforded to any employee pursuant to this sentence shall not be required to continue for a longer period, following the effective date of such order, than the period during which such employee was in the employ of such carrier or carriers prior to the effective date of such order. Notwithstanding any other provisions of this Act, an agreement pertaining to the protection of the interests of said employees may hereafter be entered into by any carrier or carriers by railroad and the duly authorized representative or representatives of its or their employees. "(3) Whenever a person which is not a carrier is authorized, by an order entered under paragraph (2), to acquire control of any carrier or of two or more carriers, such person thereafter shall, to the extent provided by the Commission in such order, be considered as a carrier subject to such of the following provisions as are appli- cable to any carrier involved in such acquisition of control: Section 20 (1) to (10), inclusive, of this part, sections 204 (a) (1) and (2) and 220 of part II, and section 313 of part III, (which relate to reports, accounts, and so forth, of carriers), and section 20a (2) to (11), inclusive, of this part, and section 214 of part II, (which relate to issues of securities and assumptions of liability of carriers), including in each case the penalties applicable in the case of viola- tions of such provisions. In the application of such provisions of section 20a of this part and of section 214 of part II, in the case of any such person, the Commission shall authorize the issue or assumption applied for only if it finds that such issue or assumption is consistent with the proper performance of its service to the public by each carrier which is under the control of such person, that it will not impair the ability of any such carrier to perform such service, and that it is otherwise consistent with the public interest. "(4) It shall be unlawful for any person, except as provided in paragraph (2), to enter into any transaction within the scope of sub- paragraph (a) thereof, or to accomplish or effectuate, or to partici- pate in accomplishing or effectuating, the control or management in a common interest of any two or more carriers, however such result is attained, whether directly or indirectly, by use of common directors, officers, or stockholders, a holding or investment company or companies, a voting trust or trusts, or in any other manner what- soever. It shall be unlawful to continue to maintain control or management accomplished or effectuated after the enactment of this amendatory paragraph and in violation of its provisions. As used in this paragraph and paragraph (5), the words 'control or manage- ment' shall be construed to include the power to exercise control or management. "(5) For the purposes of this section, but not in anywise limiting the application of the provisions thereof, any transaction shall be deemedto accomplish or effectuate the control or management in a common interest of two carriers- "(a) if such transaction is by a carrier, and if the effect of such transaction is to place such carrier and persons affiliated with it, taken together, in control of another carrier- "(b) if such transaction is by a person affiliated with a carrier and if the effect of such transaction is to place such carrier and persons affiliated with it, taken together, in control of another carrier; "(c) if such transaction is by two or more persons acting together, one of whom is a carrier or is affiliated with a carrier, and if the effect of such transaction is to place such persons and carriers and persons affiliated with any one of them and persons affiliated with any such affiliated carrier, taken together, in control of another carrier. 907 Control by person not a carrier. Post, p. 916. 49 Stat. 546. Post, pp . 926, 944. 41 Stat. 494. Post, p. 924. Control in common interest. "Control or manage- ment" construed. Transactions effec- tuating control in common interest.