§ 8-1-18-1 — Authority to encumber

Indiana § 8-1-18-1

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 18: Small Telephone Companies─Mortgages

Text

Any telephone company that does not have more
than five thousand (5,000) subscribers and operating within the state
of Indiana, may, upon the authorization of its board of directors and
without the approval of its shareholders, execute and deliver a
mortgage or mortgages, a deed or deeds of trust, pledge or encumber
any or all of the property, assets, rights, privileges, licenses, franchises
and permits of such telephone company, whether acquired or to be
acquired and wherever situated, as well as the revenues therefrom, all
upon such terms and conditions as the board of directors shall
determine, to secure an indebtedness of such telephone company to the
United States of America or any agency or instrumentality thereof:
Provided, however, That a notice of the intention to execute such
mortgage shall be given by the telephone company in two (2)
newspapers of general circulation in the county in which the principal
office of such company is located, and if there be only one (1)
newspaper published in such county, publication in one (1) newspaper
will be sufficient.
Formerly: Acts 1955, c.193, s.1.