State Codes and Statutes
Statutes > Indiana > Title8 > Ar4 > Ch22IC 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 of
Indiana, or created by consolidation of a company or companies
organized under the laws of Indiana, and a company or companies
organized under the laws of another state or states may lease or
purchase, in whole or in part, the connecting or continuous and
noncompeting line of any railroad in any other state, together with all
its rights, powers, privileges, franchises, and immunities. However,
a sale or lease may not be made under this chapter without the
approval of:
(1) the stockholders owning not less than two-thirds (2/3) of the
outstanding capital stock of each of the companies that are
parties 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.
