Requires the Consolidated Rail Corporation, during the one-year period after a conveyance date pursuant to the Regional Rail Reorganization Act, to maintain in a condition equivalent to the date of conveyance all rail properties designated in the final system plan for conveyance to a profitable railroad and subsequently conveyed to the Corporation.

Allows States or groups of States to acquire such rail properties of the Corporation during such one-year period.

Authorizes an acquiring railroad to enter into a purchase agreement under such Act in the absence of an employment offer to the employees of the selling railroad. States that in such event the Corporation shall make an employment offer to such individuals and shall operate the subject railroad properties for a period not to exceed two months. Directs the acquiring railroad during such period to offer employment to employees of any selling railroad whom it needs for the operation of such rail properties.