49 C.F.R. § 1150.32 : Transportation — OTHER REGULATIONS RELATING TO TRANSPORTATION — SURFACE TRANSPORTATION BOARD — RULES OF PRACTICE — CERTIFICATE TO CONSTRUCT, ACQUIRE, OR OPERATE RAILROAD LINES — EXEMPT TRANSACTIONS UNDER 49 U.S.C. 10901 — Procedures and relevant dates-transactions that involve creation of Class III carriers

(a) To qualify for this exemption, applicant must file a verified notice providing details about the transaction, and a brief caption summary, conforming to the format in §1150.34, for publication in the Federal Register.
(b) The exemption will be effective 30 days after the notice is filed. The Board, through the Director of the Office of Proceedings, will publish a notice in the Federal Register within 16 days of the filing. A change in operators would follow the provisions at §1150.34, and notice must be given to shippers.
(c) If the notice contains false or misleading information, the exemption is void ab initio. A petition to revoke under 49 U.S.C. 10502(d) does not automatically stay the exemption. Stay petitions must be filed at least 7 days before the exemption becomes effective.
(d) Applicant must preserve intact all sites and structures more than 50 years old until compliance with the requirements of Section 106 of the National Historic Preservation Act, 16 U.S.C. 470 is achieved.
(e) If the projected annual revenue of the carrier to be created by a transaction under this exemption exceeds $5 million, applicant must, at least 60 days before the exemption becomes effective, post a notice of intent to undertake the proposed transaction at the workplace of the employees on the affected line(s) and serve a copy of the notice on the national offices of the labor unions with employees on the affected line(s), setting forth the types and numbers of jobs expected to be available, the terms of employment and principles of employee selection, and the lines that are to be transferred, and certify to the Board that it has done so.

49 C.F.R. §1150.32

51 FR 2504, 1/17/1986, as amended at 53 FR 4626, 2/17/1988; 53 FR 5982, 2/29/1988; 62 FR 47584, 9/10/1997; 69 FR 58366, 9/30/2004; 71 FR 62212, 10/24/2006