Chapter 340. To permit the Secretary of War to dispose of and the Port of New York Authority to acquire the Hoboken Manufacturers’ Railroad
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CHAP. 340.— An Act To permit the Secretary of War to dispose of and the Port of New York Authority to acquire the Hoboken Manufacturers’ Railroad. February 26, 1925.[[S. 2287](/us/bill/68/s/2287).][[Public, No. 479](/us/pl/68/479).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Hoboken Manufacturers’ Railroad Company.Stock of, may be sold to Port of New York Authority. That the Secretary of War be, and he is hereby, authorized, for such sum and on such terms and conditions as he may deem best, to sell to and dispose of, and the Port of New York Authority is authorized to acquire from the Secretary of War, the stock of the Hoboken Manufacturers’ Railroad Company, said corporation being the lessee of the line known as the Hoboken Shore Road now constituting part of Belt Line Numbered 13 in the comprehensive plan for the development of the port of New York, adopted by the States of New York and New Jersey under chapter 43, Laws of New York, 1922, and chapter 9, Laws of New Jersey, 1922, and ratified and confirmed by the CongressVol. 42, p. 822.Bonds in lieu of cash acceptable. of the United States by Public Resolution 66, Sixty-seventh Congress; and the Secretary is authorized and empowered to take and accept in lieu of cash the bonds of the said Port of New York Authority, secured by such lien as the Secretary in his discretionOperation to continue. may determine is proper and sufficient; and upon such acquisition the said railroad shall continue to be operated in intrastate, interstate, and foreign commerce and in accordance with the provisions of the said*Provisos*.Jurisdiction of Interstate Commerce Commission. comprehensive plan for the development of the port and the improvement of commerce and navigation: *Provided*, That the operation of said railroad in intrastate, interstate, and foreign commerce shall be subject to the jurisdiction of the Interstate Commerce Commission in the same manner and to the same extent as would be theUse by Government in emergency. case if this Act had not been passed: *Provided further*, That the Secretary shall attach such conditions to such transfer as shall insure the use of such railroad facility by the United States in theCoordination with Government piers, etc., to facilitate freight carriage. event of war or other national emergency: *Provided further*, That in order to facilitate the interchange of freight between rail and water facilities, such railroad, if acquired by the Port of New York Authority hereunder shall be operated in coordination with the piers and docks adjacent thereto so long as said piers and docks are owned and operated by the United States Government or by any agency thereof, or by any corporation a majority of whose stockSale to other purchaser if terms, etc., not agreed upon. is owned by the United States: *Provided further*, That if the Port of New York Authority fails to agree upon terms and conditions of sale which are considered satisfactory by the Secretary of War, he is hereby authorized to sell and dispose of the stock of the Hoboken Manufacturers’ Railroad Company or all or any part of the real and personal property of the Hoboken Manufacturers’985 Railroad Company to any purchaser or purchasers upon such terms and conditions as he may deem best subject, nevertheless, to the provisos herein above stated: *Provided further*, That if the SecretaryDisposal of other than railroad property. of War shall deem it to be in the public interest that any real or personal property owned by the said Hoboken Manufacturers’ Railroad Company not connected with the railroad itself should be separately disposed of or held for later disposition, he is hereby authorized to cause such property to be transferred from the said Hoboken Manufacturers’ Railroad Company to the United States, and thereafter to sell the same upon such terms as he deems best, or ifHolding corporation authorized. more expedient, he is hereby authorized to form a corporation to acquire such property, and is authorized to cause such property, or any part thereof, to be transferred from the said Hoboken Manufacturers’ Railroad Company to such new corporations so organized and to accept in place thereof the stock of such new corporation, andSale, etc. to hold the same until such time as he secures what he shall deem to be a fair and reasonable price for such property, at which time he is authorized to sell said property in whole or in part or the stock in the said new corporation to which such property is transferred on such terms and conditions as in his judgment will best promote the public interest, and the Secretary of War is further authorized toTerms. make and impose any terms, conditions, or reservations necessary to effectuate the purpose hereof, and to enter into such contracts as will effectuate the same: *And provided further*, That nothing inNo exemption from municipal or State taxes. this Act shall be construed as relieving or exempting the property acquired hereunder by the Port of New York Authority from any municipal taxes or assessments for public improvements, and nothing herein contained shall be construed as an expression on the part of the Congress as to whether the States of New York and New Jersey, or either of them, should relieve or exempt the said Port of New York Authority from taxation or subject the said port of New York or any of said property to taxation.
Approved, February 26, 1925.