---
kind: "section"
citation: "49 U.S.C. § 11325"
title: "49"
title_heading: "Transportation"
number: "11325"
heading: "Consolidation, merger, and acquisition of control: procedure"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/49/11325"
units:
  - "Subtitle IV — Interstate Transportation"
  - "Part A — Rail"
  - "Chapter 113 — Finance"
  - "Subchapter II — Combinations"
---

# §11325. Consolidation, merger, and acquisition of control: procedure

- (a) The [Board](/usc/49/10102.md?p=1) shall publish notice of the application under [section 11324](/usc/49/11324.md) in the Federal Register by the end of the 30th day after the application is filed with the [Board](/usc/49/10102.md?p=1). However, if the application is incomplete, the [Board](/usc/49/10102.md?p=1) shall reject it by the end of that period. The order of rejection is a final action of the [Board](/usc/49/10102.md?p=1). The published notice shall indicate whether the application involves—
  - (1) the merger or [control](/usc/49/13102.md?p=5) of at least two Class I [railroads](/usc/49/10102.md?p=6), as defined by the [Board](/usc/49/10102.md?p=1), to be decided within the time limits specified in [subsection (b)](#b) of this section;
  - (2) transactions of regional or national [transportation](/usc/49/10102.md?p=9) significance, to be decided within the time limits specified in [subsection (c)](#c) of this section; or
  - (3) any other transaction covered by this section, to be decided within the time limits specified in [subsection (d)](#d) of this section.
- (b) If the application involves the merger or [control](/usc/49/13102.md?p=5) of two or more Class I [railroads](/usc/49/10102.md?p=6), as defined by the [Board](/usc/49/10102.md?p=1), the following conditions apply:
  - (1) Written comments about an application may be filed with the [Board](/usc/49/10102.md?p=1) within 45 days after notice of the application is published under [subsection (a)](#a) of this section. Copies of such comments shall be served on the Attorney General and the [Secretary](/usc/49/13102.md?p=20) of [Transportation](/usc/49/10102.md?p=9), who may decide to intervene as a party to the proceeding. That decision must be made by the 15th day after the date of receipt of the written comments, and if the decision is to intervene, preliminary comments about the application must be sent to the [Board](/usc/49/10102.md?p=1) by the end of the 15th day after the date of receipt of the written comments.
  - (2) The [Board](/usc/49/10102.md?p=1) shall require that applications inconsistent with an application, notice of which was published under [subsection (a)](#a) of this section, and applications for inclusion in the transaction, be filed with it by the 90th day after publication of notice under that subsection.
  - (3) The [Board](/usc/49/10102.md?p=1) must conclude evidentiary proceedings by the end of 1 year after the date of publication of notice under [subsection (a)](#a) of this section. The [Board](/usc/49/10102.md?p=1) must issue a final decision by the 90th day after the date on which it concludes the evidentiary proceedings.
- (c) If the application involves a transaction other than the merger or [control](/usc/49/13102.md?p=5) of at least two Class I [railroads](/usc/49/10102.md?p=6), as defined by the [Board](/usc/49/10102.md?p=1), which the [Board](/usc/49/10102.md?p=1) has determined to be of regional or national [transportation](/usc/49/10102.md?p=9) significance, the following conditions apply:
  - (1) Written comments about an application, including comments of the Attorney General and the [Secretary](/usc/49/13102.md?p=20) of [Transportation](/usc/49/10102.md?p=9), may be filed with the [Board](/usc/49/10102.md?p=1) within 30 days after notice of the application is published under [subsection (a)](#a) of this section.
  - (2) The [Board](/usc/49/10102.md?p=1) shall require that applications inconsistent with an application, notice of which was published under [subsection (a)](#a) of this section, and applications for inclusion in the transaction, be filed with it by the 60th day after publication of notice under that subsection.
  - (3) The [Board](/usc/49/10102.md?p=1) must conclude any evidentiary proceedings by the 180th day after the date of publication of notice under [subsection (a)](#a) of this section. The [Board](/usc/49/10102.md?p=1) must issue a final decision by the 90th day after the date on which it concludes the evidentiary proceedings.
- (d) For all applications under this section other than those specified in subsections [(b)](#b) and [(c)](#c) of this section, the following conditions apply:
  - (1) Written comments about an application, including comments of the Attorney General and the [Secretary](/usc/49/13102.md?p=20) of [Transportation](/usc/49/10102.md?p=9), may be filed with the [Board](/usc/49/10102.md?p=1) within 30 days after notice of the application is published under [subsection (a)](#a) of this section.
  - (2) The [Board](/usc/49/10102.md?p=1) must conclude any evidentiary proceedings by the 105th day after the date of publication of notice under [subsection (a)](#a) of this section. The [Board](/usc/49/10102.md?p=1) must issue a final decision by the 45th day after the date on which it concludes the evidentiary proceedings.

## Source credit

(Added Pub. L. 104–88, title I, § 102(a), Dec. 29, 1995, 109 Stat. 841.)

## Notes

### Editorial Notes

### Prior Provisions

Provisions similar to those in this section were contained in section 11345 of this title prior to the general amendment of this subtitle by Pub. L. 104–88, § 102(a).

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective Jan. 1, 1996, except as otherwise provided in Pub. L. 104–88, see section 2 of Pub. L. 104–88, set out as a note under section 1301 of this title.