Chapter 116. To provide for the reimbursement of the United States for motive power, cars, and other equipment ordered for railroads and systems of transportation under Federal control, and for other purposes
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CHAP. 116.— An Act To provide for the reimbursement of the United States for motive power, cars, and other equipment ordered for railroads and systems of transportation under Federal control, and for other purposes. November 19, 1919. [[S. 3319](/us/bill/66/s/3319).] [[Public, No. 89](/us/pl/66/89).] *Beit enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * That in order to make provisionFederal railroad control.Reimbursement of advances to carriers for motive power, cars, etc., furnished during. for the reimbursement of the United States for the sums advanced to provide motive power, cars, and other equipment ordered by the President for the railroads and systems of transportation now under Federal control, herein called “carriers,” pursuantVol. 40, p. 455. to the authority conferred by the second paragraph of section 6 of the Act of March 21, 1918, the President may, upon such terms asMode of payment. he shall deem advisable, receive in reimbursement cash, or obligations of any carrier, or part cash and part such obligations, or in his discretion he may accept for such motive power, cars, or other equipment,Acceptance of equipment trust securities, etc. cash or the shares of stock or obligations, secured or unsecured, of any corporation not a carrier organized for the purpose of owning equipment or equipment obligations, or part cash and part such shares of stock and obligations, and he may transfer to such corporationTitle transferred. any obligations of carriers received on account of motive power, cars, or other equipment, and he may execute any instruments necessary and proper to carry out the intent of the second paragraph of section 6 of said Act of March 21, 1918, to the end that title to the motive power, cars, and other equipment so ordered by the President as aforesaid for the carriers may rest in them or their trustees or nominees.
In addition to the powers herein and heretofore conferred, theDisposal of cars, etc., furnished to carriers. President is further authorized to dispose, in the manner and for the consideration aforesaid, of motive power, cars, and other equipment, if any, provided by him in accordance with any other provisions of said section, and of any obligations of carriers that may be received in reimbursement of the cost thereof. Sec. 2. That any contract for the sale of any motive power, cars,Contracts for cars, etc., may provide for title not to vest until price fully paid. or other equipment ordered or provided under any of the provisions of section 6 of said Act of March 21, 1918, may provide that title thereto, notwithstanding delivery of possession, shall not vest in the carrier until the purchase price, which may be payable in installments during any period not exceeding fifteen years, shall be fully paid and the conditions of purchase fully performed.
Any suchContract requirements. contract shall be in writing, and acknowledged or proved before some person authorized to administer oaths, and filed with the Interstate Commerce Commission within sixty days after the delivery thereof, and shall be valid and enforceable as against all persons whomsoever. Sec. 3. That nothing herein contained shall be deemed to abrogatePowers of President not impaired. or limit the powers conferred upon the President by said Act of March 21, 1918.
Sec. 4. That the President may execute any of the powers hereinDelegation of powers. granted through such agencies as he may determine. Sec. 5. That this Act is emergency legislation, enacted to meetEmergency declared. conditions growing out of war and to effectuate said Act of March 21, 1918. Approved, November 19, 1919.