Sec. 415. FINANCIAL POWERS
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## SEC. 415 FINANCIAL POWERS ###
(a)Capitalization ####
(1)Section 24304 is amended to read as follows: > > ## “§ 24304 Employee stock ownership plans > > “In issuing stock pursuant to applicable corporate law, Amtrak is encouraged to include employee stock ownership plans.” > . ####
(2)The item relating to section 24304 in the table of sections of chapter 243 is amended to read as follows:" “24304. Employee stock ownership plans.” ". ###
(b)Redemption of Common Stock Amtrak shall, before October 1, 2002, redeem all common stock previously issued, for the fair market value of such stock. ###
(c)Elimination of Liquidation Preference and Voting Rights of Preferred Stock ####
(1)#####
(A)Preferred stock of Amtrak held by the Secretary of Transportation shall confer no liquidation preference. #####
(B)Subparagraph
(A)shall take effect 90 days after the date of the enactment of this Act. ####
(2)#####
(A)Preferred stock of Amtrak held by the Secretary of Transportation shall confer no voting rights. #####
(B)Subparagraph
(A)shall take effect 60 days after the date of the enactment of this Act. **[**[49 U.S.C. 24304](/us/usc/t49/s24304) nt**]** ###
(d)Status and Applicable Laws ####
(1)Section 24301(a)(3) is amended by inserting “, and shall not be subject to title 31” after “United States Government”. ####
(2)Section 9101(2) of title 31, United States Code, relating to Government corporations, is amended by striking subparagraph
(A)and redesignating subparagraphs
(B)through
(L)as subparagraphs
(A)through (K), respectively.
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Sec. 415
FINANCIAL POWERS
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