CHAPTER 22. STOCKHOLDER APPROVAL OF LEASE OR PURCHASE

IC 8-4-22
    Chapter 22. Stockholder Approval of Lease or Purchase

IC 8-4-22-1
Approval of lease or purchase required
    Sec. 1. Any railroad company organized under the laws ofIndiana, or created by consolidation of a company or companiesorganized under the laws of Indiana, and a company or companiesorganized under the laws of another state or states may lease orpurchase, in whole or in part, the connecting or continuous andnoncompeting line of any railroad in any other state, together with allits rights, powers, privileges, franchises, and immunities. However,a sale or lease may not be made under this chapter without theapproval of:
        (1) the stockholders owning not less than two-thirds (2/3) of theoutstanding capital stock of each of the companies that areparties to such lease or sale; and
        (2) the Indiana department of transportation.
(Formerly: Acts 1921, c.126, s.1.) As amended by P.L.384-1987(ss),SEC.49; P.L.18-1990, SEC.57.