United States Railway Association Law and Legal Definition

The United States Railway Association (“Association”) was a nonprofit organization governed by the Regional Rail Reorganization Act (Act). The Association was directed by a board of directors. The following were the purposes of the Association :

1.To monitor the financial performance of the Association ;

2.To review the goals and requirements of the Act;

3.To purchase or acquire or receive, and hold and dispose of securities.

The Association was exempted from all taxation imposed by the U.S. The board of directors of the Association adopted the following procedures to ensure :

1.The railway contractors, including law firms, provided reports containing written verification of tasks assigned, work performed, time worked, and costs incurred;

2.The reports were audited by the Association;

3. The Association applied procedures uniformly to all contractors.

However, the Association was abolished on January 1, 1987 by Congress. [45 USCS § 1341].