66-802. Same; rights of purchasers.
66-802
66-802. Same; rights of purchasers.In case of the sale of any railroad or railroads, or any part thereof,constructed or in process of construction, made in pursuance of thejudgment of any court of competent jurisdiction, foreclosing anymortgage or deed of trust heretofore or hereafter executed by anyrailroad corporation, the person or persons acquiring title under suchsale, and their associates, successors and assigns, shall have andacquire thereby, and may thereafter exercise and enjoy all the rights,privileges, grants, franchises, immunities and advantages in and by suchmortgage or deed of trust conveyed which belonged to and were enjoyed bythe company making such mortgage or deed of trust, so far as the samerelate and appertain to that portion of the railroad or line thereofmentioned and described in and conveyed by said mortgage or deed oftrust, and no further, as fully and absolutely in all respects as thecorporators, shareholders, officers and agents of such company might, orcould have exercised and enjoyed had no such sale or purchase been made;and such purchaser or purchasers, their associates, successors orassigns, may proceed to organize anew and elect directors, distributeand dispose of stock, take the same or another name, and may conducttheir business generally under and in the manner provided in the charterin such original company, or in the laws relating thereto, with suchvariations in manner and form of organization as their alteredcircumstances may seem to require: Provided, however, That nogreater or enlarged powers shall be exercised by the new organizationthan are conferred by the charter of such original company: Andprovided further, That such new company shall file in the office ofthe secretary of state a certificate, in substance setting forth thefacts required by K.S.A. 17-210 [*]: Andprovided further, That such new company shall be subject to all theobligations to the state or to the public as the original corporation:And provided further, That such reorganization shall in no wiseaffect any liability against the old corporation existing at the time ofthe organization of said new company.
History: L. 1876, ch. 110, § 1; May 1; R.S. 1923, 66-802.