77-9-113 - Organization by purchasers of railroad sold under execution, deed of trust, or foreclosure.
§ 77-9-113. Organization by purchasers of railroad sold under execution, deed of trust, or foreclosure.
When any railroad shall be sold under execution, or under a deed of trust, or by a decree of a court enforcing a mortgage or other lien, the purchasers thereof and their assigns and successors shall be entitled to and be invested with all the franchises, rights, powers, privileges, and immunities, not inconsistent with the provisions of this article, appertaining to and possessed by the company or corporation whose property and franchises were sold. However, an exemption from taxation contained in any charter shall not pass to the purchaser.
Such purchasers and their assigns and successors may file with the secretary of state a statement in writing to the effect that they desire to operate the railroad so sold in accordance with the provisions and requirements of the charter of the company to which it belonged, and they shall thereupon become vested with all the powers, rights, privileges and benefits thereof not inconsistent with the provisions of this article, in the same manner and to the same extent as if they were the original incorporators of said company, and they shall thereby become a railroad corporation.
The said purchasers and assigns and successors may meet and organize a new corporation under the provisions of this article, and have all the powers, franchises, rights, privileges, and immunities provided herein, and none other, and may give it such a name as may be adopted. They shall fix the amount of the entire capital stock of the new corporation, as represented by the property and franchise bought, and otherwise organize as provided in this article.
Sources: Codes, 1892, §§ 3565, 3566; 1906, §§ 4065, 4066; Hemingway's 1917, §§ 6694, 6695; 1930, §§ 6097, 6098; 1942, §§ 7749, 7750; Laws, 1882, p. 47.