Northeast Railroad Restructuring Act

[AI summary unavailable — showing source text] Title I: Northeast Railroad Restructuring Act - Finds that a rail crisis exists in the Northeast where six class I and one class II railroads are in reorganization and the largest railroad, the Penn Central, is on verge of liquidation. Declares that nationalization of rail freight operations is undesirable and unnecessary to establish a viable rail system in the Northeast. Title II: Creation of the Northeast Railroad Corporation - Authorizes, the creation of the Northeast Railroad Corporation to be established under the laws of a State and not as an agency of the Federal Government but subject to provisions of this Act. Authorizes the President to appoint 3 incorporators, with the consent of the Senate, one of whom he shall designate as chairman. Provides that each incorporator receive compensation of $300 each day of work plus travel and subsistence expenses. Provides that the President shall appoint a board of advisers of 17 persons and outlines the basis for their selection. Prohibits the corporation from installing a board of directors to succeed the incorporations if it does not undertake to perform rail service under this Act. Allows the stockholders to elect a board of direc…