§ 8-4-1-1 — Incorporation

Indiana § 8-4-1-1

• Jurisdiction: Indiana
• Art. 4: ORGANIZATION AND OPERATION OF
• Ch. 1: Incorporation of Railroad Companies

Text

(a) A railroad may incorporate under any of the
following:
(1) Before July 1, 2017, this chapter.
(2) The Indiana Business Corporation Law (IC 23-1) (before its
repeal).
(3) Any other applicable statute.
After June 30, 2017, a railroad may not incorporate under this chapter.
(b) Any number of persons, not less than fifteen (15), being
subscribers to the stock of any contemplated railroad may be formed
into a corporation for the purpose of constructing, owning, and
maintaining such railroad by complying with the following
requirements:
(1) Whenever stock to the amount (measured by the consideration
to be received therefor) of at least fifty thousand dollars
($50,000), or one thousand dollars ($1,000) for each and every
mile of the proposed road, shall have been subscribed, the
subscribers to such stock shall elect directors for such company
from their own number and shall severally subscribe articles of
association in which shall be set forth the following:
(A) The name of the corporation.
(B) The total number of shares into which its authorized capital
stock is to be divided.
(C) Whether all or part of said shares are to have a par value
and if so, the number and par value of such shares.
(D) Whether all or part of said shares are to be without par
value and if so, the number of such shares.
(E) The consideration for which the company may issue and
sell its shares without par value or authorization to the board of
directors to fix such consideration from time to time.
(F) If said shares are to be divided into classes or kinds, the
designations of the different classes, the number and par value,
if any, of the shares of each class, and a statement of the
relative rights, preferences, limitations, restrictions, and voting
rights of each class.
(G) The number of directors and their names to manage the
affairs of the company.
(H) The names of the place from which and the place to which
the proposed road is to be constructed and each county into
which or through which it is intended to pass.
(I) Its length as near as may be.
(2) Each subscriber to such articles of association shall state the
subscriber's place of residence and the number and class (if there
be more than one (1) class) of shares taken by the subscriber in
such company.
Formerly: Acts 1852, 1RS, c.83, s.1; Acts 1933, c.101, s.7. As
amended by P.L.75-1990, SEC.1; P.L.146-2017, SEC.5.