§ 8-4-27-2 — Acquiring corporation; certificate of articles of incorporation; filing; powers and duties

Indiana § 8-4-27-2

• Jurisdiction: Indiana
• Art. 4: ORGANIZATION AND OPERATION OF
• Ch. 27: Disposition of Foreclosed Foreign Railroad Property

Text

In case the whole or any part of any railroad
situate within this state (a part of which is situate in another state) shall
become vested in a corporation of such other state, and such
corporation shall also acquire a part of such railroad situate in such
other state, the said corporation may exercise and enjoy, within this
state, for the purposes of such railroad and its business, all the powers,
rights, privileges, immunities, and franchises of a railroad corporation
organized under the statutes of this state; provided, that such
corporation shall have filed, in the office of the secretary of state of this
state, a copy of its certificate of articles of incorporation, certified by
the secretary of state of such other state; and provided, further, that the
corporation which acquires any such railroad shall hold and operate the
part thereof so acquired in this state, and shall exercise the powers,
rights, privileges, immunities, and franchises hereby conferred, subject
to all the rights, powers, privileges, duties, and obligations prescribed
by the general laws of this state, for the regulation, government,
taxation, or control of railroad companies organized under the laws of
this state; and provided, further, that this chapter shall not be construed
as authorizing any railroad company to purchase any parallel and
competing line of railroad in this state.
Formerly: Acts 1921, c.11, s.2. As amended by P.L.62-1984,
SEC.82.