§ 8-4-14-4 — Bonds, mortgages, or trust deeds as security

(a) Said corporation shall have power to make
and issue bonds, bearing any rate of interest, whether fixed or
contingent, cumulative or noncumulative, payable at such times and
places, and in such amount or amounts, and with such provisions with
respect to redemption, sinking fund, maturity, issuance of said bonds
in series, and conversion of said bonds into stock of said corporation at
any time up to the maturity of said bonds, as it may deem expedient,
and to sell and dispose of said bonds at such prices and in such manner
as it may deem proper, to secure the payment of any bonds which it
may make, issue or assume to pay by mortgage or mortgages or deed
or deeds of trust of its railroad, or any part thereof, and of its real and
personal property and franchises, and to act as a corporation.
(b) All property of said corporation included in such mortgage or
mortgages or deed or deeds of trust, whether then held or thereafter
acquired, shall be subject to the operation and lien of such mortgage or
mortgages or deed or deeds of trust, and in case of sale under the same,
it shall pass to and become vested in the purchaser or purchasers
thereof so as to enable them to form a corporation in the manner
prescribed in this chapter, and to vest in such corporation all the
faculties, powers, authorities, immunities, and franchises conferred by
this chapter.
Formerly: Acts 1945, c.202, s.4. As amended by Acts 1981,
P.L.11, SEC.48; P.L.136-2018, SEC.93.