§ 8-4-22-1 — Approval of lease or purchase required

Any railroad company organized under the laws
of Indiana, or created by consolidation of a company or companies
organized under the laws of Indiana, and a company or companies
organized under the laws of another state or states may lease or
purchase, in whole or in part, the connecting or continuous and
noncompeting line of any railroad in any other state, together with all
its rights, powers, privileges, franchises, and immunities. However, a
sale or lease may not be made under this chapter without the approval
of:
(1) the stockholders owning not less than two-thirds (2/3) of the
outstanding capital stock of each of the companies that are parties
to such lease or sale; and
(2) the Indiana department of transportation.
Formerly: Acts 1921, c.126, s.1. As amended by
P.L.384-1987(ss), SEC.49; P.L.18-1990, SEC.57.