CHAPTER 27. DISPOSITION OF FORECLOSED FOREIGN RAILROAD PROPERTY
IC 8-4-27
Chapter 27. Disposition of Foreclosed Foreign Railroad Property
IC 8-4-27-1
Authority for purchase
Sec. 1. Whenever any railroad, situated partly in this state and
partly in an adjoining state, shall be owned by a corporation formed
by the consolidation of a railroad corporation or corporations of this
state with a railroad corporation or corporations of such adjoining
state, and which consolidated corporation shall have its principal
office and the greater part of its railroad in such other state, shall be
sold under a decree or decrees of foreclosure or sale of any court of
competent jurisdiction, any lines of such railroad situated in the state
of Indiana may be purchased, together with the connecting lines or
a connecting line in such adjoining state, by any corporation
organized under the laws of such adjoining state, and authorized and
empowered by the laws of such adjoining state to purchase, own,
operate and maintain any railroad sold or transferred under such
decree of foreclosure or sale.
(Formerly: Acts 1921, c.11, s.1.)
IC 8-4-27-2
Acquiring corporation; certificate of articles of incorporation;
filing; powers and duties
Sec. 2. In case the whole or any part of any railroad situate within
this state (a part of which is situate in another state) shall become
vested in a corporation of such other state, and such corporation shall
also acquire a part of such railroad situate in such other state, the said
corporation may exercise and enjoy, within this state, for the
purposes of such railroad and its business, all the powers, rights,
privileges, immunities, and franchises of a railroad corporation
organized under the statutes of this state; provided, that such
corporation shall have filed, in the office of the secretary of state of
this state, a copy of its certificate of articles of incorporation,
certified by the secretary of state of such other state; and provided,
further, that the corporation which acquires any such railroad shall
hold and operate the part thereof so acquired in this state, and shall
exercise the powers, rights, privileges, immunities, and franchises
hereby conferred, subject to all the rights, powers, privileges, duties,
and obligations prescribed by the general laws of this state, for the
regulation, government, taxation, or control of railroad companies
organized under the laws of this state; and provided, further, that this
chapter shall not be construed as authorizing any railroad company
to purchase any parallel and competing line of railroad in this state.
(Formerly: Acts 1921, c.11, s.2.) As amended by P.L.62-1984,
SEC.82.