CHAPTER 25. UNDERWRITING BONDS OF FOREIGN RAILROADS
IC 8-4-25
Chapter 25. Underwriting Bonds of Foreign Railroads
IC 8-4-25-1
Authority to underwrite
Sec. 1. The board of directors of any railway company organized
under and pursuant to the laws of the state of Indiana whose line of
railway extends across the state in either direction, may, upon the
petition of the holders of a majority of the stock of such railway
company, direct the execution by such railway company of an
indorsement guaranteeing the payment of the principal and interest
of the bonds of any railway company organized under or pursuant to
the laws of any adjoining state the construction of whose line or lines
of railway would be beneficial to the business or traffic of the
railway so indorsing or guaranteeing such bonds.
(Formerly: Acts 1883, c.127, s.1.)
IC 8-4-25-2
Petition
Sec. 2. The petition of the stockholders specified in section 1 of
this chapter shall state the facts relied on to show the benefits
accruing to the company indorsing or guaranteeing the bonds above
mentioned.
(Formerly: Acts 1883, c.127, s.2.) As amended by P.L.62-1984,
SEC.80.
IC 8-4-25-3
Limitation on amount
Sec. 3. No railway company shall, under the provisions of this
chapter, indorse or guarantee the bonds of any such railway company
or companies as is above mentioned to an amount exceeding one-half
(1/2) of the par value of the stock of the railway company so
indorsing or guaranteeing as authorized under this chapter.
(Formerly: Acts 1883, c.127, s.3.) As amended by P.L.62-1984,
SEC.81.