§ 8-4-14-3 — Powers, rights, privileges, immunities, and franchises

Such corporation shall possess all the powers,
rights, privileges, immunities, and franchises in respect to said railroad,
or the part thereof purchased or received pursuant to reorganization as
aforesaid, and of all the real and personal property appertaining to the
same, which were possessed or enjoyed by the corporation that owned
or held the said railroad previous to such sale or reorganization
proceeding by virtue of its charter and amendments thereto and other
laws of this state or any state in which any part of said railroad is
situate not inconsistent with the laws of this state. And it shall have
power, at any time after the formation of the corporation as aforesaid,
to assume any debts and liabilities of the former corporation or of the
trustee in the reorganization proceeding, and to make such adjustment
and settlement with any stockholder or stockholders or creditor or
creditors of such former corporation as may be deemed expedient, and,
for such purpose, to use such portions of the bonds and stock of said
corporation as may be deemed advisable and in such manner as said
corporation may deem proper; provided, that all subscribers to the
original stock of said railroad company, their heirs, executors, and
administrators shall (by the acceptance or adoption of this chapter by
any purchaser or purchasers of any such railroad, as above provided)
be released and discharged from all their unpaid subscriptions which
shall not have been previously settled or arranged by agreement or
compromise; and, provided, further, that such corporation, when so
formed and organized, shall, in suing and being sued, and in operating
such railroad, be subject to the general laws of this state not
inconsistent with the original charter of said road and the amendments
thereto.
Formerly: Acts 1945, c.202, s.3. As amended by P.L.62-1984,
SEC.67.