Court of Appeals for the D.C. Circuit November 2, 1959, No. 109, Docket 25793; Docket 25879 (United States v. New York, New Haven & Hartford Railroad)

lead-opinion

FRIENDLY, Circuit Judge.

The question here is whether a railroad subject to § 20a of the Interstate Commerce Act, 49 U.S.C.A. § 20a, can lawfully provide by agreement for significant changes in the rights and privileges of holders of 27% of its preferred stock without having obtained authorization from the Interstate Commerce Com*528mission under § 20a(2).1 We hold it cannot.