reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 12. Abandonment of Certain Railroads › 8-4-12-2. Takeover of Derelict Company by New Company; Appraisement

Sec. 2. Any company that is or that may be organized under the general laws of this state providing for the incorporation of railroad companies may complete any such abandoned road or part thereof, and shall, for such purpose, be invested with all the rights, privileges, interests, rights of way, franchises, properties, and immunities of such derelict railroad company, and shall proceed to construct the same, as is provided under this chapter. However, before any such new company shall succeed to said rights, privileges, interests, rights of way, franchises, properties and immunities, and before it shall proceed to complete such road or part of such road, the value of the same shall be ascertained by:
(1) one (1) disinterested freeholder in any county through which the line of the road may run; and
(2) two (2) disinterested appraisers licensed under IC 25-34.1;
who are residents of Indiana, one (1) of whom shall be selected by said new company, and one (1) by the old company, or the assignee or purchaser of the franchises thereof, and the other by the auditor of such county. One (1) of the appraisers described under subdivision (2) must reside not more than fifty (50) miles from the property. The freeholder and the two (2) appraisers appointed under subdivisions (1) and (2) shall constitute a board of appraisers; and in the event that the said old company, or the assignee or purchaser of the franchises thereof, shall fail or refuse, upon request, to name such appraiser, then the appraiser shall be named by the said auditor. Such board of appraisers shall take an oath to faithfully discharge their duties, and make a true and impartial appraisement of such rights, privileges, interests, rights of way, franchises, properties and immunities. Such board shall report their appraisement to said auditor, and, upon the payment of the same by such new company to the treasurer of such county, it shall succeed to and be invested as aforesaid. Nothing in this chapter shall authorize or permit any railroad company which has constructed and is operating its road to change its line of road from that now used and occupied so as to avoid any point named in their charter or articles of association.
Formerly: Acts 1867, c.80, s.2; Acts 1877, c.68, s.2; Acts 1975, P.L.76, SEC.3. As amended by P.L.113-2006, SEC.5; P.L.136-2018, SEC.91.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 12. Abandonment of Certain Railroads › 8-4-12-3. Payment of Appraised Value; Disposition

Sec. 3. The money so paid, as is provided in section 2 of this chapter, shall be held by such treasurer in trust for the payment, firstly, of the debts of such old company; and, secondly, the balance, if any, shall be equitably distributed among the stockholders thereof.
Formerly: Acts 1867, c.80, s.3. As amended by P.L.62-1984, SEC.62.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 12. Abandonment of Certain Railroads › 8-4-12-4. Fees of Appraisers

Sec. 4. The said appraisers shall receive for their service, five dollars ($5.00) per day for the time by them employed, to be paid by said treasurer out of the amount of said assessment.
Formerly: Acts 1867, c.80, s.4.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 12. Abandonment of Certain Railroads › 8-4-12-5. Evidence of Abandonment

Sec. 5. Any such railroad company whose road is incomplete who shall fail to complete the same, or who shall fail to expend at least twenty-five thousand dollars ($25,000) towards the completion thereof in each year, shall be taken and held to come within the purview of this chapter.
Formerly: Acts 1867, c.80, s.5. As amended by P.L.62-1984, SEC.63.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 12. Abandonment of Certain Railroads › 8-4-12-6. Annual Financial Statement and Report; Filing

Sec. 6. All railroad companies in this state, or whose roads run into this state, shall, on the fifteenth day of January of each year, file with the auditor of state a statement in writing, verified by the affidavit of the treasurer of such company, showing the gross receipts of such company; the amount paid to each officer, the gross amount paid to other employees; the amount paid for rolling-stock; the amount paid for the actual construction of such road; itemizing the amount paid for earthwork, bridges, iron, ties, culverts and all other items of such construction; and also the amount of the capital stock of such company, the assets thereof, and the rate of dividends to the stockholders, and also any and all other expenses of such company.
Formerly: Acts 1867, c.80, s.6.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 12. Abandonment of Certain Railroads › 8-4-12-7. Completion of Road by Transferee Company

Sec. 7. Whenever any railroad company, coming within the provision of this chapter, shall sell or transfer their property, rights, or franchises to any other railroad company, it shall be the duty of such last named railroad company to complete the road so transferred to them, and put the same in complete running order, within three (3) years after the time of such transfer; and upon failure so to do, it shall be taken and held to have abandoned and forfeited the same, and any company organized, as provided in this chapter, shall succeed to and be invested with the same, as is provided in this chapter; however, nothing in this chapter contained shall be regarded as a recognition of the right of two (2) or more railroad companies to consolidate by voluntary agreement.
Formerly: Acts 1867, c.80, s.7. As amended by P.L.62-1984, SEC.64; P.L.136-2018, SEC.92.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 13. Voluntary Dissolution of Railroad Companies › 8-4-13-1. Authority for Dissolution

Sec. 1. Any corporation organized before or after May 22, 1933, under Indiana statutes for the purpose of construction, owning, maintaining, and/or operating a railroad, other than a street railroad or an interurban railroad, may voluntarily dissolve under and pursuant to the provisions of this chapter.
Formerly: Acts 1933, c.107, s.1. As amended by P.L.62-1984, SEC.65.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 13. Voluntary Dissolution of Railroad Companies › 8-4-13-2. Consent of Shareholders; Certificate of Dissolution

Sec. 2. If the holders of record of all the outstanding shares of the capital stock of a corporation organized under the laws of this state for the purpose of constructing, owning, maintaining and/or operating a railroad other than a street railroad or an interurban railroad, consent, or have heretofore consented, in writing to its dissolution or if at a special meeting of which notice has been given to, or waived by, all the shareholders of every class, whether or not entitled to vote, a resolution is adopted, or has heretofore been adopted, by the votes cast in person or proxy by the holders of record of shares entitling them to exercise two-thirds (2/3) of the voting power, or such other proportion as the articles of incorporation or by-laws may require, declaring that it is desirable to wind-up and dissolve such corporation, the president or a vice-president and the secretary or an assistant secretary shall file in the office of the secretary of state a certificate verified by their oath, stating:
1. The name of the corporation.
2. The place where its principal office is located.
3. The names and post-office addresses of its directors and officers, and, if any post-office address be in a city, the street and number or any other particular description thereof, if known.
4. That it elects to wind-up and dissolve.
5. That (if) they have been authorized to execute and file such certificate by a resolution adopted as above provided or that they have been so authorized by the written consent of the holders of record of all the outstanding shares of the corporation.
Formerly: Acts 1933, c.107, s.2.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 13. Voluntary Dissolution of Railroad Companies › 8-4-13-3. Filing Certificate; Entry by Secretary of State

Sec. 3. Upon the filing of any such certificate together with an affidavit of one (1) of the principal officers of said corporation containing a statement that said corporation has lawfully disposed of all of its property and that all debts, obligations and liabilities of the corporation have been paid, or discharged, or that adequate provision has been made therefor, including all taxes accrued up to the date of such filing, the corporation shall be dissolved, and the secretary of state shall make an appropriate entry or record accordingly.
Formerly: Acts 1933, c.107, s.3; Acts 1945, c.121, s.1.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 13. Voluntary Dissolution of Railroad Companies › 8-4-13-4. Notice; Publication

Sec. 4. The directors of such dissolved corporation shall forthwith cause a notice of such dissolution to be published once a week on the same day of each week for two (2) successive weeks in a newspaper published in and of general circulation in the county in which the principal office of the corporation is located.
Formerly: Acts 1933, c.107, s.4.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 14. Reorganization of Railroads After Sale › 8-4-14-1. Authority for Reorganization

Sec. 1. (a) In case of the sale of any railroad and its property, under or by the authority of any competent court or courts (part of which railroad may be situate within the state of Indiana and part situate in an adjoining state, and embraced in the mortgage or mortgages or deed or deeds of trust), it may be sold at one (1) time and place, as an entirety, at such point on the line of said railroad, either within or without the state, and upon such notice, as the court or courts ordering such sale may direct.
(b) In case of the reorganization of any railroad and its property under or by the authority of any competent court or courts of the United States in a proceeding for the reorganization of a railroad pursuant to Regional Rail Reorganization Act (11 U.S.C. 101(33), 1163, and 1166 et seq.), the corporation to which all or any part of said railroad and its property may be transferred by or pursuant to an appropriate order or decree of said court or courts may be a corporation organized under this chapter and having all of the powers, rights, privileges, immunities, and franchises provided in this chapter.
(c) This chapter is hereby declared to apply to and embrace any and all sales or purchases of railroads, their franchises, rights, and privileges, under judicial degrees, or judgments of any of the courts of the state of Indiana, or of the United States, at any time, whether said sale under such decrees or judgments, may have occurred before or after March 6, 1945.
Formerly: Acts 1945, c.202, s.1. As amended by P.L.62-1984, SEC.66.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 14. Reorganization of Railroads After Sale › 8-4-14-2. Certificate of Reorganization

Sec. 2. In case of the sale of any railroad and its property (situated wholly or partly within this state, or situated partly in this state and partly in an adjoining state) by virtue of any mortgage or mortgages or deed or deeds of trust, either by foreclosure or other judicial proceedings, or pursuant to any power contained in such mortgage or mortgages or deed or deeds of trust, or by the joint exercise of said powers and authorities, the purchaser or purchasers thereof, their survivor or survivors, or he or his or they or their associates or assigns, may form a corporation by filing in the office of the secretary of state a certificate specifying the name and style of the corporation, the number of directors, the names of the first directors and the period of their service (not exceeding one (1) year), the amount of original capital, and the number of shares into which said capital is to be divided; and in case of the reorganization of any railroad and its property (situated wholly or partly within this state and whether owned prior to the reorganization proceedings by a corporation of this state or by a corporation of another state) in a proceeding under section 77 of the Act of July 1, 1898, entitled "An act to establish a uniform system of bankruptcy throughout the United States," as amended, any three (3) or more persons, being either directors or officers of the railroad, may form a corporation by filing in the office of the secretary of state a certificate specifying the name and style of the corporation, the number of directors, the names of the first directors and the period of their service (not exceeding one (1) year), the amount of original capital, and the number of shares into which said capital is to be divided; and the persons signing said certificate, and their successors, shall be a body corporate and politic, by the name in said certificate specified, with power to sue and be sued, contract and be contracted with, and maintain and operate the railroad in said certificate named, and transact all business connected with same; and a copy of such certificate, attested by the signature of the secretary of state or his deputy, shall, in all courts and places, be evidence of the due organization and existence of the said corporation and of the matters in said certificate stated.
Formerly: Acts 1945, c.202, s.2.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 14. Reorganization of Railroads After Sale › 8-4-14-3. Powers, Rights, Privileges, Immunities, and Franchises

Sec. 3. Such corporation shall possess all the powers, rights, privileges, immunities, and franchises in respect to said railroad, or the part thereof purchased or received pursuant to reorganization as aforesaid, and of all the real and personal property appertaining to the same, which were possessed or enjoyed by the corporation that owned or held the said railroad previous to such sale or reorganization proceeding by virtue of its charter and amendments thereto and other laws of this state or any state in which any part of said railroad is situate not inconsistent with the laws of this state. And it shall have power, at any time after the formation of the corporation as aforesaid, to assume any debts and liabilities of the former corporation or of the trustee in the reorganization proceeding, and to make such adjustment and settlement with any stockholder or stockholders or creditor or creditors of such former corporation as may be deemed expedient, and, for such purpose, to use such portions of the bonds and stock of said corporation as may be deemed advisable and in such manner as said corporation may deem proper; provided, that all subscribers to the original stock of said railroad company, their heirs, executors, and administrators shall (by the acceptance or adoption of this chapter by any purchaser or purchasers of any such railroad, as above provided) be released and discharged from all their unpaid subscriptions which shall not have been previously settled or arranged by agreement or compromise; and, provided, further, that such corporation, when so formed and organized, shall, in suing and being sued, and in operating such railroad, be subject to the general laws of this state not inconsistent with the original charter of said road and the amendments thereto.
Formerly: Acts 1945, c.202, s.3. As amended by P.L.62-1984, SEC.67.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 14. Reorganization of Railroads After Sale › 8-4-14-4. Bonds, Mortgages, or Trust Deeds as Security

Sec. 4. (a) Said corporation shall have power to make and issue bonds, bearing any rate of interest, whether fixed or contingent, cumulative or noncumulative, payable at such times and places, and in such amount or amounts, and with such provisions with respect to redemption, sinking fund, maturity, issuance of said bonds in series, and conversion of said bonds into stock of said corporation at any time up to the maturity of said bonds, as it may deem expedient, and to sell and dispose of said bonds at such prices and in such manner as it may deem proper, to secure the payment of any bonds which it may make, issue or assume to pay by mortgage or mortgages or deed or deeds of trust of its railroad, or any part thereof, and of its real and personal property and franchises, and to act as a corporation.
(b) All property of said corporation included in such mortgage or mortgages or deed or deeds of trust, whether then held or thereafter acquired, shall be subject to the operation and lien of such mortgage or mortgages or deed or deeds of trust, and in case of sale under the same, it shall pass to and become vested in the purchaser or purchasers thereof so as to enable them to form a corporation in the manner prescribed in this chapter, and to vest in such corporation all the faculties, powers, authorities, immunities, and franchises conferred by this chapter.
Formerly: Acts 1945, c.202, s.4. As amended by Acts 1981, P.L.11, SEC.48; P.L.136-2018, SEC.93.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 14. Reorganization of Railroads After Sale › 8-4-14-6. Vesting of Railroad in Foreign Railroad Corporation

Sec. 6. In case a portion of any railroad situated within this state (a part of which is situated in another state) shall become vested in a corporation of another state, the said corporation may exercise and enjoy within this state, and also in such other state, for the purposes of such railroad and its business, all the rights, powers, faculties, franchises, and privileges in this chapter contained; and its mortgages and trust deeds shall operate and be binding as specified within the mortgages and trust deeds, and all sales under the same shall be valid and effectual. Where the railroad of a railroad corporation organized under the laws of this state has or shall become vested in a railroad corporation of another state, pursuant to an order or decree of any court or courts of the United States, in a proceeding for the reorganization of such railroad corporation of another state, pursuant to Regional Rail Reorganization Act (11 U.S.C. 101(44), 11 U.S.C. 1163, and 11 U.S.C. 1166 et seq.), such reorganized railroad corporation may exercise and enjoy within this state for the purpose of such reorganized railroad and its business, all rights, powers, privileges, franchises, and immunities that were possessed and enjoyed by said railroad corporation organized under the laws of this state; and such reorganized railroad corporation, when necessary or proper, may exercise the power of eminent domain in acquiring additional lands or property necessary or convenient for betterments, maintenance, extension, or operation of such railroad, and for the construction, use, and maintenance of spurs, switches, sidetracks, depots, stations, terminals, and other facilities to be used in connection with such railroad, in the manner and to the extent and subject to the limitations applying to Indiana railroad corporations.
Formerly: Acts 1945, c.202, s.6. As amended by P.L.62-1984, SEC.68; P.L.7-2015, SEC.22; P.L.136-2018, SEC.94.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 14. Reorganization of Railroads After Sale › 8-4-14-8. Savings Provisions

Sec. 8. No rights, privileges, or immunities vested or accrued by or under Acts 1865, c.20, as amended, which was repealed by Acts 1945, c.202, s.8, shall be impaired or eliminated by reason of such repeal, nor shall such repeal affect any suits pending, rights of action conferred, or duties, restrictions, liabilities, or penalties imposed or required by or under Acts 1865, c.20, as amended, upon or of any corporation created or subject to Acts 1865, c.20, as amended, before March 6, 1945, it being understood that with respect to any corporation formed before March 6, 1945, the rights, powers, or duties given or imposed by Acts 1865, c.20, as amended, which was repealed by Acts 1945, c.202, s.8, may be exercised or enforced after March 6, 1945, as though such repeal had not been enacted, whether or not such right, power, or duty has before March 6, 1945, been exercised or imposed upon such corporation.
Formerly: Acts 1945, c.202, s.9. As amended by P.L.62-1984, SEC.70.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 16. Consolidation of Certain Railroads › 8-4-16-1. Authority for Operation

Sec. 1. Any railroad or other company organized under the laws of this state, or of this state and any other state or states, and owning or operating, or authorized by its charter to construct or acquire, a railroad, bridge or tunnel, either wholly within or partly within and partly without this state, may consolidate its capital stock, franchises and property with the capital stock, franchises and property of any other railroad, tunnel or bridge company or companies organized under the laws of this state, or of this state and any other state or states, or of any other state or states, or may merge or be merged into any such other company, whenever the two (2) or more railroads of the companies so to be consolidated or merged, their tunnels, bridges or branches or any part thereof, or the lines or routes of their roads if not constructed, shall or may connect either directly or over the intervening line or lines of any one (1) or more railroad companies, and any such consolidated or surviving company may thereafter construct or finish the construction of such line of railroad if not previously constructed, and may operate the same, subject to all the provisions of law applicable to such railroad company.
Formerly: Acts 1937, c.59, s.1; Acts 1955, c.342, s.1.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 16. Consolidation of Certain Railroads › 8-4-16-3. Vesting of Rights, Privileges, and Franchises in New or Surviving Company; Bond

Sec. 3. Upon the consummation of such consolidation or merger, all the rights, privileges, exemptions, and franchises of each of the companies, parties to the same, and all the property, real, personal, and mixed, and all the debts due on whatever account to any of them, as well as all stock subscriptions and other things in action belonging to any of them, shall be taken and deemed to be transferred to and vested in, or to remain vested in, such new or surviving company, without further act or deed; and all claims, demands, property, rights of way, and every other interest shall be as effectually the property of the new or surviving company as they were formerly of the companies parties to such consolidation or merger; and the title to all real estate, acquired by deed or otherwise, under the laws of this state, vested in any of such companies, parties to such consolidation or merger, shall not be deemed to revert or be in any way impaired by reason of this chapter or anything done by virtue thereof, but shall be or remain vested in the new or surviving company by virtue of such consolidation or merger. And it shall be lawful for any railroad company formed on or after June 7, 1937, by the consolidation of one (1) or more railroad companies organized under the laws of this state, or under the laws of this state and any other state or states, with one (1) or more railroad companies or corporations organized under the laws of any other state, or the laws of this state and any other state or states, or in the case of a merger of any such companies for the surviving company, to issue its bonds for the purpose of paying or retiring any bonds theretofore issued by any of said companies parties to such consolidation or merger, or for any purpose and to the amount authorized by the laws of the state or states under which any of said companies was organized, and to secure the same by mortgage upon its real or personal property, or both, franchises, rights, and privileges, whether within or without this state, and subject to the remedies for the enforcement of the same under the laws of any of said states. Any such consolidated or surviving company shall have the same right as any other railroad company organized under the laws of this state to confer on the holders of any bonds issued by it the right to convert the same into capital stock of the company. Nothing in this chapter shall be construed to compel any bondholder to accept payment in whole or in part for any bond or bonds held by him or to surrender the same before they shall become due.
Formerly: Acts 1937, c.59, s.3. As amended by P.L.62-1984, SEC.72.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 16. Consolidation of Certain Railroads › 8-4-16-4. Survival of Actions; Creditors' Rights; Liens; Survival

Sec. 4. The rights of all creditors of, and all liens upon the property of, any of such companies, parties to such consolidation or merger, shall be preserved unimpaired, and the respective companies shall be deemed to continue in existence to preserve the same, and all debts and liabilities incurred by any of such companies shall thenceforth attach to such new or surviving company, and be enforceable against it and its property to the same extent as if incurred or contracted by it. No actions or proceedings in which any of said such companies is a party shall abate or be discontinued by reason of such consolidation or merger, but may be conducted to final judgment in the name of such company, or such new or surviving company may be, by order of the court, on motion substituted as a party.
Formerly: Acts 1937, c.59, s.4.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 17. Service of Process on Railroads › 8-4-17-1. Authority for Appointment

Sec. 1. Every railroad corporation incorporated under IC 8-4-1 and every railroad corporation owning any railroad or the franchises thereof created under any law of this state, and the vendee, lessee, or other party owning, running, controlling, or operating any railroad into or through this state, shall file, on July 1 of each year, the name and address of a resident agent with the Indiana department of transportation. Service of process on the resident agent shall be deemed notice to the railroad company.
Formerly: Acts 1877(ss), c.31, s.1; Acts 1975, P.L.81, SEC.1. As amended by P.L.384-1987(ss), SEC.47; P.L.18-1990, SEC.55.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 20. Contracts Between Connecting Railroads › 8-4-20-1. Transportation of Freight and Passengers

Sec. 1. All railroad companies now organized or that may be hereafter organized under the laws of this state, having connecting roads, may enter into contracts by their respective boards of directors by which the locomotives and trains of one (1) railroad company, for the transportation of freight and passengers, may be run and operated over and upon the track and road of another railroad company, upon such terms as the said companies may agree upon.
Formerly: Acts 1873, c.77, s.1.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 20. Contracts Between Connecting Railroads › 8-4-20-2. Ratification

Sec. 2. All contracts heretofore made in good faith between railroad companies organized under the laws of this state, acting by their respective boards of directors, by which the locomotives and trains of one (1) railroad company, for the transportation of freight and passengers, are to be run and operated over the track and road of another railroad company, are hereby ratified and made legal.
Formerly: Acts 1873, c.77, s.2.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 20. Contracts Between Connecting Railroads › 8-4-20-3. Operation Upon Tracks of Another Company; Tort Liability

Sec. 3. Every railroad company that shall run and operate its locomotives and trains upon the track and road of another railroad company shall be liable to third persons for all damages occasioned by such locomotives and trains, in the same manner and to the same extent as though the track and road upon which such locomotives and trains were run and operated belonged to the company owning and operating the same.
Formerly: Acts 1873, c.77, s.3.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 21. Stockholder's Rights in Sale or Lease › 8-4-21-1. Consent of Stockholders

Sec. 1. No such sale and purchase or lease shall be perfected until a meeting of the stockholders of each of the companies has been called for that purpose as hereinbefore provided, and the holders of at least two-thirds (2/3) of stock of each company in person or by proxy, at such meeting, assent thereto.
Formerly: Acts 1913, c.169, s.2.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 21. Stockholder's Rights in Sale or Lease › 8-4-21-2. Dissenting Shareholders; Arbitration of Claims

Sec. 2. A stockholder who, at such meeting, votes against such sale and then, within ten (10) days thereafter, signifies, in writing, to the purchasing company that the stockholder desires to dispose of the stockholder's stock in the selling company shall be entitled to receive from such purchasing company the average market value of the stockholder's stock for the six (6) months next preceding the day of the meeting of the selling company at which the sale is approved, on the surrender of the stockholder's stock. If the purchasing company and the stockholder can not agree as to the value of the stock, the parties may submit the question to arbitration, to be conducted in accordance with the provision of law regulating arbitration, so far as applicable, by three (3) disinterested persons, to be appointed upon the motion of either of the parties by the judge of the circuit court, superior court, or probate court of the county in which the owner of the stock resides, or in case the owner of the stock is nonresident of the state or of any county through or into which the road passes, then any county in which the road so sold passes.
Formerly: Acts 1913, c.169, s.3. As amended by P.L.84-2016, SEC.39.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 21. Stockholder's Rights in Sale or Lease › 8-4-21-3. Dissenting Shareholders; Arbitration of Claims; Deposit of Award With Court

Sec. 3. If such stockholder refuses for a period of ten (10) days after request therefor to submit the question to arbitration, then, upon the application of a director of either the purchasing or selling company, the proper judge shall appoint the arbitrators, who shall proceed and ascertain the value of the stock as if the question had been submitted by consent of both parties. If the party owning the stock refuses to receive the amount awarded, the company may deposit it with the clerk of the circuit court of the county in which the arbitration is held, which deposit shall operate as if payment was made to the owner of the stock. If the owner of the stock shall accept the award of the arbitrators, he shall surrender his stock certificates.
Formerly: Acts 1913, c.169, s.4.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 21. Stockholder's Rights in Sale or Lease › 8-4-21-4. Notice of Intention to Arbitrate

Sec. 4. In all cases of arbitration under sections 2 and 3 of this chapter, the party desiring such arbitration shall give the opposite party at least ten (10) days notice of his intention to apply to the judge for the appointment of arbitrators, which notice shall be served in the manner provided for the service of a summons, and must specify the time and place of hearing of the application. In cases of nonresidents, the notice shall be by publication for three (3) consecutive weeks in some newspaper printed in the county where the application is made.
Formerly: Acts 1913, c.169, s.5. As amended by P.L.62-1984, SEC.73.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 21. Stockholder's Rights in Sale or Lease › 8-4-21-5. Approval by Department

Sec. 5. A purchase or lease made under this chapter is not valid until it is approved by the Indiana department of transportation.
Formerly: Acts 1913, c.169, s.6. As amended by P.L.384-1987(ss), SEC.48; P.L.18-1990, SEC.56.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 22. Stockholder Approval of Lease or Purchase › 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.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 24. Purchase and Sale of Defunct Railroads › 8-4-24-1. Certificate of Sale; Public Lease; Sale Notice

Sec. 1. (a) In case a majority in interest of the creditors of a railroad company and the majority in interest of the stockholders of such company agree upon a plan for the readjustment or capitalization of the debt and stock thereof, thereupon an agreement as aforesaid, either before or after a sale of such railroad under judicial proceedings, and a purchase at such sale by trustees on behalf of the parties to such agreement, all the franchises and powers, including the franchises to act as a corporation conferred by the charter of such railroad company, pass by such sale and vest in the trustees, together with the railroad and all the other property embraced in the sale. In case any railroad situate wholly or partly within Indiana, or any part thereof situate within Indiana, shall, in pursuance of such agreement, be sold by virtue of any mortgage or mortgages or deed or deeds of trust, either by foreclosure or other proceedings in law or equity, or pursuant to any power in such mortgage or mortgages or deed or deeds of trust contained, or by the joint exercise of those authorities, as provided in this section, the purchaser or purchasers of the same, or their survivor or survivors, or the associates of a purchaser or survivor, may form a corporation, by filing in the office of the secretary of state a certificate, under the signature of the purchasers, survivors, and associates specifying the name of such corporation, the number of directors, the names of the first directors and the period of their service (not exceeding one (1) year), the amount of the original capital, and the number of shares into which such capital is to be divided.
(b) The persons signing the certificate, and their successors, shall be a body politic and corporate, by the name therein specified. A copy of such certificate, attested by the signature of the secretary of state or the secretary's deputy, shall, in all courts and places, be evidence of the due organization and existence of the corporation and of the facts in the certificate stated. No sale under this chapter shall be valid unless notice thereof, stating time and place of sale, shall have been published in some newspaper of general circulation in the city of New York, and also by publishing the notice in at least one (1) newspaper of general circulation published in each county in Indiana through which the railroad may run, not less than thirty (30) nor more than sixty (60) days, at the discretion of the court ordering the sale, immediately preceding the sale.
Formerly: Acts 1861, c.78, s.1. As amended by P.L.62-1984, SEC.74; P.L.1-1989, SEC.17.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 24. Purchase and Sale of Defunct Railroads › 8-4-24-3. Reciprocity; Foreign Corporations

Sec. 3. In case the part situate within this state of any railroad, 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 situate in such other state of the said railroad, the said corporation may exercise and enjoy, within this state, for the purpose of the said railroad and its business, so far as it may be endowed by the laws of the state of its creation with capacity to do so, all the powers, rights, faculties, privileges, immunities, and franchises enumerated in section 2 of this chapter, and its mortgages or trust deeds shall operate as therein specified.
Formerly: Acts 1861, c.78, s.3. As amended by P.L.62-1984, SEC.76.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 24. Purchase and Sale of Defunct Railroads › 8-4-24-4. Liens and Encumbrances

Sec. 4. Next in the order of lien to the existing mortgage debt of the old road shall stand the amounts due persons for labor performed, wood and other such materials furnished the old company in running the road, and damages for killing stock and right of way: Provided, That all the property of said company shall be liable for damages recovered against said company for stock killed or injured by them and exempt from mortgage liens.
Formerly: Acts 1861, c.78, s.4.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 24. Purchase and Sale of Defunct Railroads › 8-4-24-5. Place of Sale

Sec. 5. So much of any railroad as lies in this state and is embraced in the mortgage or mortgages sought to be foreclosed may be sold at such sale as an entirety; and the court making a decree or order of sale may declare, in the order, where the principal office of the railroad company is situate within the state, and may order the sale to be made at the court-house door of the county in which the principal office within the state is situate.
Formerly: Acts 1861, c.78, s.5.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 24. Purchase and Sale of Defunct Railroads › 8-4-24-6. Surrender or Assignment of Stock; Acquisition of Stock in Reorganized Company

Sec. 6. In case of the sale of a railroad, or any part thereof, as in section 1 of this chapter mentioned, full power is hereby given to the corporate authorities of the several counties, cities, townships, and other municipal corporations holding stock in the company by which such railroad was owned, and to all persons holding such stock in a fiduciary capacity, to surrender or assign such stock, and to accept and receive such new stock in any corporation which, after such sale, may become the owners of said railroad or any part thereof, as may be apportioned or given in respect to the said first mentioned stock under any reorganization of the ownership of the said railroad.
Formerly: Acts 1861, c.78, s.6. As amended by P.L.62-1984, SEC.77.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 24. Purchase and Sale of Defunct Railroads › 8-4-24-7. Settlement of Former Account

Sec. 7. No purchaser or purchasers of any railroad shall be entitled to any rights or benefits under this chapter until such purchaser or purchasers shall first assume and pay, in money or first class or satisfactory securities, to be issued by the new corporation formed upon the sale or transfer of any railroad as provided in this chapter for, as the creditor or creditors may elect, all ticket balances and back charges for freight, with interest, whether due upon account, judgment of a court of record, bond, note, or other instrument in writing, which the former railroad corporation may have owned or been in arrears for, to any connecting railroad company, operating a railroad entirely or in part in this state.
Formerly: Acts 1861, c.78, s.7. As amended by P.L.62-1984, SEC.78; P.L.136-2018, SEC.95.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 24. Purchase and Sale of Defunct Railroads › 8-4-24-8. Amendment or Repeal of Chapter

Sec. 8. This chapter may be amended or repealed at the discretion of the legislature.
Formerly: Acts 1861, c.78, s.8. As amended by P.L.62-1984, SEC.79.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 25. Underwriting Bonds of Foreign Railroads › 8-4-25-1. Authority to Underwrite

Sec. 1. The board of directors of any railway company organized under and pursuant to the laws of the state of Indiana whose line of railway extends across the state in either direction, may, upon the petition of the holders of a majority of the stock of such railway company, direct the execution by such railway company of an indorsement guaranteeing the payment of the principal and interest of the bonds of any railway company organized under or pursuant to the laws of any adjoining state the construction of whose line or lines of railway would be beneficial to the business or traffic of the railway so indorsing or guaranteeing such bonds.
Formerly: Acts 1883, c.127, s.1.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 25. Underwriting Bonds of Foreign Railroads › 8-4-25-2. Petition

Sec. 2. The petition of the stockholders specified in section 1 of this chapter shall state the facts relied on to show the benefits accruing to the company indorsing or guaranteeing the bonds above mentioned.
Formerly: Acts 1883, c.127, s.2. As amended by P.L.62-1984, SEC.80.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 25. Underwriting Bonds of Foreign Railroads › 8-4-25-3. Limitation on Amount

Sec. 3. No railway company shall, under the provisions of this chapter, indorse or guarantee the bonds of any such railway company or companies as is above mentioned to an amount exceeding one-half (1/2) of the par value of the stock of the railway company so indorsing or guaranteeing as authorized under this chapter.
Formerly: Acts 1883, c.127, s.3. As amended by P.L.62-1984, SEC.81.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 26. Settlement of Railroad Mortgages › 8-4-26-1. Notice; Procedure

Sec. 1. If any railroad company has heretofore executed, or may hereafter execute, any mortgage upon the whole or any portion of their road, it shall be lawful for such company, with the consent of persons owning a majority of the capital stock of such company, to settle and compromise with such mortgagees, and release and convey to such mortgagees or creditors for whose benefit such mortgage is or may be held such part of the road mortgaged, and upon such terms as may be agreed upon; and thereafter such vendees, by such name as they may assume, shall possess, own, and enjoy all the rights, privileges and immunities of said company over the part of the road so conveyed; and no act or omission of the company making the conveyance shall work a forfeiture of their franchises over that part of the road so conveyed. And such vendees, by the name by them assumed, shall be a body corporate and politic, with the rights, privileges, franchises and immunities as aforesaid, and may issue stock not exceeding twenty thousand dollars ($20,000) per mile, and sell the same, and issue certificates therefor, which shall be assignable upon such terms as they may prescribe; and if from any cause there shall be any failure of the title to any right of way, or when the title thereto has not been acquired, upon which any railroad of this state is now constructed, it shall be lawful for the company owning the road, or for the party owning such lands upon which any part of the road is constructed, to apply to the proper court for the writ of assessment or damages, and have the damages which the owner of said property has sustained or may sustain by reason of the taking, use and occupancy thereof by the company for the construction and maintenance of said road; and upon assessment and payment by the company of the damages which may be assessed or awarded, the title to such property shall vest absolutely in the company for the purposes of said railroad; and the business of no road actually constructed shall be obstructed by reason of any such defect of title to any part of the property upon which it may be built, unless there shall be default in the payment of money awarded after the verdict shall have been rendered and judgment thereon; but every company, having actually constructed and having in operation said road shall be entitled to maintain the same and avail itself of the privilege of this section, whenever, from any cause, its right of way for the track occupied is not perfect and absolute: Provided, That no such compromise or conveyance shall be made until thirty (30) days' notice has been given of the intention so to do, by publication in some newspaper published in this state in the county in which the principal office of such company is kept.
Formerly: Acts 1855, c.81, s.1.
2023 Indiana Code › Title 8. Utilities and Transportation › Article 4. Organization and Operation of Railroads › Chapter 27. Disposition of Foreclosed Foreign Railroad Property › 8-4-27-1. Authority for Purchase

Sec. 1. Whenever any railroad, situated partly in this state and partly in an adjoining state, shall be owned by a corporation formed by the consolidation of a railroad corporation or corporations of this state with a railroad corporation or corporations of such adjoining state, and which consolidated corporation shall have its principal office and the greater part of its railroad in such other state, shall be sold under a decree or decrees of foreclosure or sale of any court of competent jurisdiction, any lines of such railroad situated in the state of Indiana may be purchased, together with the connecting lines or a connecting line in such adjoining state, by any corporation organized under the laws of such adjoining state, and authorized and empowered by the laws of such adjoining state to purchase, own, operate and maintain any railroad sold or transferred under such decree of foreclosure or sale.
Formerly: Acts 1921, c.11, s.1.