§ 8-4-24-1 — Certificate of sale; public lease; sale notice

Indiana § 8-4-24-1

• Jurisdiction: Indiana
• Art. 4: ORGANIZATION AND OPERATION OF
• Ch. 24: Purchase and Sale of Defunct Railroads

Text

(a) In case a majority in interest of the creditors
of a railroad company and the majority in interest of the stockholders
of such company agree upon a plan for the readjustment or
capitalization of the debt and stock thereof, thereupon an agreement as
aforesaid, either before or after a sale of such railroad under judicial
proceedings, and a purchase at such sale by trustees on behalf of the
parties to such agreement, all the franchises and powers, including the
franchises to act as a corporation conferred by the charter of such
railroad company, pass by such sale and vest in the trustees, together
with the railroad and all the other property embraced in the sale. In case
any railroad situate wholly or partly within Indiana, or any part thereof
situate within Indiana, shall, in pursuance of such agreement, be sold
by virtue of any mortgage or mortgages or deed or deeds of trust, either
by foreclosure or other proceedings in law or equity, or pursuant to any
power in such mortgage or mortgages or deed or deeds of trust
contained, or by the joint exercise of those authorities, as provided in
this section, the purchaser or purchasers of the same, or their survivor
or survivors, or the associates of a purchaser or survivor, may form a
corporation, by filing in the office of the secretary of state a certificate,
under the signature of the purchasers, survivors, and associates
specifying the name of such 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 the original capital, and the
number of shares into which such capital is to be divided.
(b) The persons signing the certificate, and their successors, shall be
a body politic and corporate, by the name therein specified. A copy of
such certificate, attested by the signature of the secretary of state or the
secretary's deputy, shall, in all courts and places, be evidence of the due
organization and existence of the corporation and of the facts in the
certificate stated. No sale under this chapter shall be valid unless notice
thereof, stating time and place of sale, shall have been published in
some newspaper of general circulation in the city of New York, and
also by publishing the notice in at least one (1) newspaper of general
circulation published in each county in Indiana through which the
railroad may run, not less than thirty (30) nor more than sixty (60) days,
at the discretion of the court ordering the sale, immediately preceding
the sale.
Formerly: Acts 1861, c.78, s.1. As amended by P.L.62-1984,
SEC.74; P.L.1-1989, SEC.17.