State Codes and Statutes
Statutes > Indiana > Title8 > Ar1 > Ch18IC 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 five
thousand (5,000) subscribers and operating within the state of
Indiana, may, upon the authorization of its board of directors and
without the approval of its shareholders, execute and deliver a
mortgage or mortgages, a deed or deeds of trust, pledge or encumber
any or all of the property, assets, rights, privileges, licenses,
franchises and permits of such telephone company, whether acquired
or to be acquired and wherever situated, as well as the revenues
therefrom, all upon such terms and conditions as the board of
directors shall determine, to secure an indebtedness of such
telephone company to the United States of America or any agency or
instrumentality thereof: Provided, however, That a notice of the
intention to execute such mortgage shall be given by the telephone
company in two (2) newspapers of general circulation in the county
in which the principal office of such company is located, and if there
be only one (1) newspaper published in such county, publication in
one (1) newspaper will be sufficient.
(Formerly: Acts 1955, c.193, s.1.)
