Conrail responds to Norfolk Southern proposed director slate.PHILADELPHIA--(BUSINESS WIRE)--Feb. 10, 1997--Conrail Inc. (NYSE NYSE See: New York Stock Exchange : CRR CRR Cash Reserve Ratio CRR Center for Retirement Research (Boston College) CRR Congestion Revenue Rights (electricity) CRR Center for Reproductive Rights CRR Certified Realtime Reporter ) said that, by putting up a slate of five directors, Norfolk Southern has acknowledged that Conrail has a staggered board and recognizes that it would take more than one annual meeting to replace a majority of the Conrail directors. Conrail further stated that Norfolk Southern's proposals to remove incumbent directors without cause prior to the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the terms to which they have been elected and to reduce immediately the size of the Conrail board are invalid Null; void; without force or effect; lacking in authority. For example, a will that has not been properly witnessed is invalid and unenforceable. INVALID. In a physical sense, it is that which is wanting force; in a figurative sense, it signifies that which has no effect. under Pennsylvania law. Conrail said that Norfolk Southern's proposals to seize control also appear to violate Federal transportation law. Conrail, with corporate headquarters in Philadelphia, PA, operates an 11,000-mile rail freight network in 12 northeastern and midwestern states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , and the Province of Quebec. Conrail's home page can be reached at http://www.CONRAIL.com . CONTACTS: Conrail Inc. Abernathy MacGregor Group Craig R. MacQueen Dan Katcher / Matthew Sherman (215) 209-4594 (212) 371-5999 |
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