[Code of Federal Regulations]
[Title 49, Volume 7]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 49CFR1013.3]

[Page 42-43]
 
                        TITLE 49--TRANSPORTATION
 
  CHAPTER X--SURFACE TRANSPORTATION BOARD, DEPARTMENT OF TRANSPORTATION
 
PART 1013_GUIDELINES FOR THE PROPER USE OF VOTING TRUSTS--Table of Contents
 
Sec. 1013.3  Review and reporting requirements for regulated carriers.

    (a) Any carrier choosing to utilize a voting trust may voluntarily 
submit a copy of the voting trust to the Board for review. The Board's 
staff will give an informal, nonbinding opinion as to

[[Page 43]]

whether the voting trust effectively insulates the settlor from any 
violation of Board policy against unauthorized acquisition of control of 
a regulated carrier.
    (b) Any person who establishes an independent trust for the receipt 
of the voting stock of carrier must file a copy of the trust, along with 
any auxiliary or modifying documents, with the Board.
    (c) Any carrier required to file a Schedule 13D with the Securities 
and Exchange Board (17 CFR 240.13d-1) which reports the purchase of 5 
percent or more of the registered securities of another I.C.C. regulated 
carrier (or the listed shares of a company controlling 10 percent or 
more of the stock of an I.C.C. regulated carrier), must simultaneously 
file a copy of that schedule with this Board, along with any supplements 
to that schedule.
    (d) Failure to comply with the reporting requirements in paragraphs 
(b) or (c) of this section will result in denial of the application in 
which acquisition of control, through the acquisition of the voting 
stock of another carrier, is sought, unless the applicant shows, by 
clear and convincing evidence, and the Board finds, that the failure to 
comply was unintentional and that denial of the application will 
substantially and adversely affect the public interest and the national 
transportation policy.