§ 8-4-16-3 — Vesting of rights, privileges, and franchises in new or surviving company; bond

Indiana § 8-4-16-3

• Jurisdiction: Indiana
• Art. 4: ORGANIZATION AND OPERATION OF
• Ch. 16: Consolidation of Certain Railroads

Text

Upon the consummation of such consolidation
or merger, all the rights, privileges, exemptions, and franchises of each
of the companies, parties to the same, and all the property, real,
personal, and mixed, and all the debts due on whatever account to any
of them, as well as all stock subscriptions and other things in action
belonging to any of them, shall be taken and deemed to be transferred
to and vested in, or to remain vested in, such new or surviving
company, without further act or deed; and all claims, demands,
property, rights of way, and every other interest shall be as effectually
the property of the new or surviving company as they were formerly of
the companies parties to such consolidation or merger; and the title to
all real estate, acquired by deed or otherwise, under the laws of this
state, vested in any of such companies, parties to such consolidation or
merger, shall not be deemed to revert or be in any way impaired by
reason of this chapter or anything done by virtue thereof, but shall be
or remain vested in the new or surviving company by virtue of such
consolidation or merger. And it shall be lawful for any railroad
company formed on or after June 7, 1937, by the consolidation of one
(1) or more railroad companies organized under the laws of this state,
or under the laws of this state and any other state or states, with one (1)
or more railroad companies or corporations organized under the laws
of any other state, or the laws of this state and any other state or states,
or in the case of a merger of any such companies for the surviving
company, to issue its bonds for the purpose of paying or retiring any
bonds theretofore issued by any of said companies parties to such
consolidation or merger, or for any purpose and to the amount
authorized by the laws of the state or states under which any of said
companies was organized, and to secure the same by mortgage upon its
real or personal property, or both, franchises, rights, and privileges,
whether within or without this state, and subject to the remedies for the
enforcement of the same under the laws of any of said states. Any such
consolidated or surviving company shall have the same right as any
other railroad company organized under the laws of this state to confer
on the holders of any bonds issued by it the right to convert the same
into capital stock of the company. Nothing in this chapter shall be
construed to compel any bondholder to accept payment in whole or in
part for any bond or bonds held by him or to surrender the same before
they shall become due.
Formerly: Acts 1937, c.59, s.3. As amended by P.L.62-1984,
SEC.72.