CHAPTER 18. SMALL TELEPHONE COMPANIES.MORTGAGES

IC 8-1-18
    Chapter 18. Small Telephone Companies.Mortgages

IC 8-1-18-1
Authority to encumber
    Sec. 1. Any telephone company that does not have more than fivethousand (5,000) subscribers and operating within the state ofIndiana, may, upon the authorization of its board of directors andwithout the approval of its shareholders, execute and deliver amortgage or mortgages, a deed or deeds of trust, pledge or encumberany or all of the property, assets, rights, privileges, licenses,franchises and permits of such telephone company, whether acquiredor to be acquired and wherever situated, as well as the revenuestherefrom, all upon such terms and conditions as the board ofdirectors shall determine, to secure an indebtedness of suchtelephone company to the United States of America or any agency orinstrumentality thereof: Provided, however, That a notice of theintention to execute such mortgage shall be given by the telephonecompany in two (2) newspapers of general circulation in the countyin which the principal office of such company is located, and if therebe only one (1) newspaper published in such county, publication inone (1) newspaper will be sufficient.
(Formerly: Acts 1955, c.193, s.1.)