### Question
How is the "preferred stock" defined?


### Answer
The term **preferred stock** is defined in *45 U.S.C. § 1303* as follows -

> any class or series of preferred stock, and any class or series of common stock having liquidation and dividend rights and preferences superior to the common stock of the Corporation offered for sale under section 1312 of this title

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

