§ 8-4-14-2 — Certificate of reorganization

Indiana § 8-4-14-2

• Jurisdiction: Indiana
• Art. 4: ORGANIZATION AND OPERATION OF
• Ch. 14: Reorganization of Railroads After Sale

Text

In case of the sale of any railroad and its
property (situated wholly or partly within this state, or situated partly
in this state and partly in an adjoining state) by virtue of any mortgage
or mortgages or deed or deeds of trust, either by foreclosure or other
judicial proceedings, or pursuant to any power contained in such
mortgage or mortgages or deed or deeds of trust, or by the joint
exercise of said powers and authorities, the purchaser or purchasers
thereof, their survivor or survivors, or he or his or they or their
associates or assigns, may form a corporation by filing in the office of
the secretary of state a certificate specifying the name and style of the
corporation, the number of directors, the names of the first directors
and the period of their service (not exceeding one (1) year), the amount
of original capital, and the number of shares into which said capital is
to be divided; and in case of the reorganization of any railroad and its
property (situated wholly or partly within this state and whether owned
prior to the reorganization proceedings by a corporation of this state or
by a corporation of another state) in a proceeding under section 77 of
the Act of July 1, 1898, entitled "An act to establish a uniform system
of bankruptcy throughout the United States," as amended, any three (3)
or more persons, being either directors or officers of the railroad, may
form a corporation by filing in the office of the secretary of state a
certificate specifying the name and style of the corporation, the number
of directors, the names of the first directors and the period of their
service (not exceeding one (1) year), the amount of original capital, and
the number of shares into which said capital is to be divided; and the
persons signing said certificate, and their successors, shall be a body
corporate and politic, by the name in said certificate specified, with
power to sue and be sued, contract and be contracted with, and
maintain and operate the railroad in said certificate named, and transact
all business connected with same; and a copy of such certificate,
attested by the signature of the secretary of state or his deputy, shall, in
all courts and places, be evidence of the due organization and existence
of the said corporation and of the matters in said certificate stated.
Formerly: Acts 1945, c.202, s.2.