### Question
How does CONRAIL PRIVATIZATION define subsidiary?


### Answer
Under *45 U.S.C. § 1303*, **subsidiary** is defined as:

> any corporation more than 50 percent of whose outstanding voting securities are directly or indirectly owned by the Corporation

#### Citation:
  - *45 U.S.C. § 1303*
  - Heading: **CHAPTER 22-CONRAIL PRIVATIZATION > SUBCHAPTER I-GENERAL PROVISIONS**

