§ 8-1-2-82 — Franchise; sale; transfer; assignment or encumbrance

Any person or association of persons other than
an existing public service corporation, which is or may become the
owner or assignee of the rights, powers, privileges and franchises of
any public utility created or organized by or under the law of this state,
by purchase under a mortgage sale, sale in bankrupt proceedings, or
sale under any judgment, order, decree or proceedings of any court in
Indiana, including the courts of the United States sitting in Indiana,
shall within sixty (60) days after such purchase or assignment, organize
anew by filing articles of incorporation as provided by law, and upon
filing the articles of incorporation shall have the rights, privileges and
franchises which such utility had, or was entitled to have, at the time
of such purchase and sale. The new corporation may issue stock,
certificates of stock, bonds, notes or other evidences of indebtedness
for the property of the former corporation thus acquired, in an amount
not to exceed the true value of such property, as found and determined
by the commission, in accordance with this chapter.
Formerly: Acts 1913, c.76, s.94. As amended by P.L.136-2018,
SEC.48.