[Federal Register Volume 60, Number 130 (Friday, July 7, 1995)]
[Notices]
[Page 35422]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-16722]



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INTERSTATE COMMERCE COMMISSION

[Finance Docket No. 32707]


Canadian National Railway Company--Corporate Family Transaction 
Exemption--Minnesota and Ontario Bridge Company and the Minnesota and 
Manitoba Railroad Company

    Canadian National Railway Company (CN) has filed a verified notice 
to exempt the dissolution and acquisition by CN of property held by two 
CN subsidiaries, the Minnesota and Ontario Bridge Company and the 
Minnesota and Manitoba Railroad Company (companies). The companies were 
formed under Minnesota law in 1899 to construct a section of railroad 
and rail bridge, known as the Sprague Subdivision through Northern 
Minnesota, near Baudette, that forms a portion of CN's main line 
between Winnipeg, Manitoba and Thunder Bay, Ontario. CN has asserted 
that unknown to them, the companies were dissolved four years ago by 
operation of law, because certain state corporate registrations were 
inadvertently permitted to expire. According to CN, under Minnesota law 
the assets and liabilities held by the companies became the property of 
CN at the time of dissolution. Under 49 CFR 1180.4(g)(1), this 
exemption became effective on June 14, 1995, one week after the notice 
was filed. While CN's acquisitions of the companies' properties 
technically needed Commission approval or exemption four years ago, CN 
only recently became aware of the restructuring within its corporate 
family. CN decided to file a notice of exemption for the restructuring 
rather than to reincorporate the companies.
    This is a transaction within a corporate family of the type 
specifically exempted from prior review and approval under 49 CFR 
1180.2(d)(3) since it will not result in adverse changes in service 
levels, significant operational changes, or a change in the competitive 
balance with carriers outside the corporate family. CN has stated that 
no changes have occurred during the past four years that CN has 
operated the companies' property after the dissolution by operation of 
Minnesota law. CN also stated that this transaction, involving property 
located wholly within the State of Minnesota, will simply result in a 
simplification of the corporate structure of CN.
    If the notice contains false or misleading information the 
exemption is void ab initio.
    As a condition to use of this exemption, any employees adversely 
affected by the transaction will be protected by the conditions set 
forth in New York Dock Ry.--Control--Brooklyn Eastern Dist., 360 I.C.C. 
60 (1979).
    Petitions to revoke the exemption under 49 U.S.C. 10505(d) may be 
filed at any time. The filing of a petition to revoke will not stay the 
transaction. Pleadings must be filed with the Commission and served on: 
Robert P. vom Eigen, Hopkins & Sutter, 888 16th Street NW., Washington, 
DC 20006.

    Decided: June 28, 1995.

    By the Commission, David M. Konschnik, Director, Office of 
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 95-16722 Filed 7-6-95; 8:45 am]
BILLING CODE 7035-01-P