§ 8-4-27-1 — Authority for purchase

Whenever any railroad, situated partly in this
state and partly in an adjoining state, shall be owned by a corporation
formed by the consolidation of a railroad corporation or corporations
of this state with a railroad corporation or corporations of such
adjoining state, and which consolidated corporation shall have its
principal office and the greater part of its railroad in such other state,
shall be sold under a decree or decrees of foreclosure or sale of any
court of competent jurisdiction, any lines of such railroad situated in
the state of Indiana may be purchased, together with the connecting
lines or a connecting line in such adjoining state, by any corporation
organized under the laws of such adjoining state, and authorized and
empowered by the laws of such adjoining state to purchase, own,
operate and maintain any railroad sold or transferred under such decree
of foreclosure or sale.
Formerly: Acts 1921, c.11, s.1.