Conrail Privatization Act of 1985

[AI summary unavailable — showing source text] Conrail Privatization Act of 1985 - Cancels all Federal interest in debentures, contingent interest notes and series A and B preferred stock of the Consolidated Rail Corporation (Conrail). Directs the Secretary of Transportation to sell to Conrail (for a specified price) all Conrail common stock shares held by the United States. Requires the cancellation of such shares after the sale. Prohibits the carryforward of investment tax credits or net operating loss deductions for Conrail for any taxable year after December 31, 1985. Directs Conrail to issue new common and preferred stock. Restricts the ownership or control of Conrail voting securities by any one person to ten percent. Requires the Secretary of Transportation to serve on the Conrail Board of Directors. Provides that the Secretary may only vote as a member of the Board on questions of overriding public interest. Grants the Secretary exclusive power to determine which Conrail actions raise questions of overriding public interest. Maintains the geographic location of Conrail headquarters as of the day prior to the stock sale.…