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Understanding the United States Railway Association: Legal Insights
Definition & Meaning
The United States Railway Association (USRA) was a nonprofit organization established under the Regional Rail Reorganization Act. Its primary role was to oversee the financial management of the rail industry during a period of restructuring. The USRA was responsible for monitoring financial performance, reviewing compliance with the Act, and managing the acquisition and disposal of securities related to railroads. The organization was dissolved on January 1, 1987, by Congress.
Table of content
Legal Use & context
The term "United States Railway Association" is primarily relevant in the context of federal transportation law and the regulation of railroads. It is associated with legal practices involving corporate governance, financial oversight, and compliance with federal statutes. Users may encounter forms related to the acquisition of railroad assets or compliance with rail regulations, which can often be managed using legal templates from US Legal Forms.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
One example of the USRA's function is its role in overseeing the financial restructuring of failing railroads to ensure they met federal requirements. For instance, if a railroad company was struggling financially, the USRA would evaluate its financial reports and determine necessary actions (hypothetical example).
Relevant laws & statutes
The primary statute governing the USRA was the Regional Rail Reorganization Act. This Act provided the framework for the establishment and operation of the Association, detailing its powers and responsibilities.
Comparison with related terms
Term
Definition
Key Differences
Federal Railroad Administration
A federal agency responsible for regulating the railroad industry.
The USRA was focused on financial oversight, while the FRA handles safety and operational regulations.
Regional Rail Reorganization Act
The law that established the USRA and outlined its functions.
The Act is the legislative framework, whereas the USRA was the implementing body.
Common misunderstandings
What to do if this term applies to you
If you are involved in railroad operations or acquisitions and need guidance on compliance or financial management, consider using US Legal Forms' templates to assist in your legal documentation. If your situation is complex, seeking professional legal advice is recommended.
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