Cumulative Net Income Law and Legal Definition
According to 45 USCS § 1303 [Title 45. Railroads; Chapter 22. Conrail Privatization; General Provisions], the term cumulative net income means, "for any period, the net income of the Corporation and its consolidated subsidiaries as determined in accordance with generally accepted accounting principles, before provision for expenses (net of income tax effect) related to
(A) amounts paid by the Corporation under section 4024(e) [45 USCS § 797 note], and comparable payments made to present and former employees of the Corporation not covered by such section; and
(B) the aggregate value of any shares and cash distributed by the Corporation under section 4024(f) [45 USCS § 797 note]."