§ 8-4-24-2 — Powers, privileges, facilities, and franchises

Indiana § 8-4-24-2

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

Text

Such corporation shall possess all the powers,
rights, privileges, immunities, faculties, and franchises in respect to the
said railroad, or the part thereof purchased as aforesaid, which were
possessed or enjoyed by the corporation that owned or held the said
railroad previous to such sale by virtue of its charter or amendments
thereto or other laws of this state, or of any state not inconsistent with
the laws of this state in which any part of the said railroad is situate,
and shall also have power, by agreement of the persons forming the
said corporation as aforesaid, or by a vote of a majority in interest of
the stockholders, at any time within six (6) months after the formation
of the said corporation, to assume any debts or liabilities of the
corporation which owned or held the said railroad before the said sale;
and in like manner and within a like period, to make such adjustments
with any stockholders of the said last mentioned corporation as it may
deem expedient, and, for the said purposes, to use such portions of the
bonds and stock it may be authorized to create as it may deem
necessary, and in such manner as it may deem proper; and shall also
have power to make and issue bonds, payable at such times and places
and bearing such rates of interest as it may deem expedient, and to sell
or dispose of such bonds at such prices and in such manner as it may
deem proper, and to secure the payment of any bonds which it may
make, issue, or assume to pay, by a mortgage or mortgages or deed or
deeds of trust of its railroad, or of any part thereof, or any other of its
property, real or personal; and may include in such mortgage or
mortgages or deed or deeds of trust any locomotives, cars, and other
rolling stock and equipments, and any machinery, tools, implements,
fuel, and materials, whether then held or thereafter to be acquired for
the constructing, operating, repairing, or replacing the said railroad, or
any part thereof, or any of its equipments or appurtenances; all of
which property, so included, whether then held or thereafter to be
acquired, shall be subject to the lien and operation of such mortgage or
mortgages or deed or deeds of trust, all franchises held by said
corporation and connected with or relating to the said railroad, and all
corporate franchises of the said company; which said franchises, in
case of sale by virtue of any such mortgage or mortgages or deed or
deeds of trust, are hereby declared to pass to the purchasers, 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; and
the said corporation shall have power to establish a sinking fund for the
redemption of any of its debts; and shall likewise have power to issue
capital stock to such aggregate amount as it shall deem necessary, not
exceeding any limitation which may be fixed by agreement with the
persons forming the said company in the manner provided in this
chapter, and may establish preference in respect to dividends in favor
of one (1) or more classes of the said stock, in such order and manner
and to such extent and with securities, as it may deem expedient; and
may confer on holders of any bonds which it may issue or assume to
pay such rights to vote at all meetings of stockholders, not exceeding
one (1) vote for every one hundred dollars ($100) of the par amount of
the said bonds, as may by it be deemed advisable, which rights when
once fixed, shall attach to and pass with such bonds, under such
regulations as the bylaws may prescribe, to the successive holders
thereof, but shall not subject any holders to any assessment by the said
company, or to any liability for its debts, or entitle any holder to
dividends; and the said corporation shall also have capacity to hold and
enjoy and exercise within other states the aforesaid faculties, powers,
rights, immunities, and franchises, and such others as may be conferred
upon it by any law of the state or of any other state in which any part of
its railroad may be situate or in which it may do any part of its
business, and to hold meetings of stockholders and directors, and to do
all corporate acts and all things without this state as validly as it may
do the same within this state.
Formerly: Acts 1861, c.78, s.2. As amended by P.L.62-1984,
SEC.75.