2023 Illinois Compiled Statutes › Chapter 610 - RAILROADS › 610 ILCS 20/ - Railroad Borrowing Act.

(610 ILCS 20/0.01) (from Ch. 114, par. 34.9)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
Railroad Borrowing Act.
(Source: P.A. 86-1324.)
(610 ILCS 20/1) (from Ch. 114, par. 35)
Sec. 1. 
		
		That every railroad company
organized under any law or laws of this state, in force before the first
day of March, A. D. 1872, is hereby empowered from time to time to
borrow such sums of money as may be necessary for completing,
furnishing, improving or operating any such railroad, and to issue and
dispose of its bonds for any amount so borrowed, and to mortgage its
corporate property and franchises to secure the payment of any debt
contracted by such corporation for the purposes aforesaid; but the
concurrence of the holders of two-thirds in amount of the stock of such
corporation--to be expressed in the manner hereinafter provided--shall be
necessary to the validity of any such mortgage; and the order or
resolution for such mortgage shall be recorded as provided in this act;
and the directors of such corporation shall be empowered, in pursuance
of any such order or resolution, to confer on any holder of any bond,
for money so borrowed as aforesaid, the right to convert the principal
due or owing thereon into stock of such corporation at any time not
exceeding ten years after the date of such bond, under such regulation
as may be provided in the by-laws of such corporation.
(Source: Laws 1873, p. 141.)
(610 ILCS 20/1.1) (from Ch. 114, par. 35.1)
Sec. 1.1. 
		
		This Act does not apply to railroads incorporated after July
1, 1985, or to railroads which are reincorporated under the Business
Corporation Act of 1983, as amended.
(Source: P.A. 84-796.)
(610 ILCS 20/2) (from Ch. 114, par. 36)
Sec. 2. 
		
		The concurrence of the holders of at least two-thirds in amount of
the capital stock of such corporation in the creation of any such debt and
the execution of any such mortgages, shall be made manifest by the votes
cast by such stockholders in person or by proxy, on the passage of
appropriate orders or resolutions at a meeting of the stockholders of such
corporation, called by the directors thereof for such purpose.
(Source: Laws 1873, p. 141.)
(610 ILCS 20/3) (from Ch. 114, par. 37)
Sec. 3. 
		
		The directors of such corporation shall give notice of such meeting
by causing written or printed notices thereof to be either personally
served upon or duly mailed (postage prepaid) to such stockholders whose
names and address shall be known to said directors, such notice to be so
mailed at least sixty days before the time fixed for such meetings. The
said notices shall state the time and place of such meeting and the purpose
thereof, as well as the amount of the proposed indebtedness. The said
directors shall also cause like notices to be inserted in some newspaper
published in each county through which said road shall run, (if any
newspaper shall be published therein) at least sixty days prior to the day
appointed for such meeting.
(Source: Laws 1873, p. 141.)
(610 ILCS 20/4) (from Ch. 114, par. 38)
Sec. 4. 
		
		When such meeting shall be held, the resolution or order
authorizing the creation of such indebtedness, and the execution of the
mortgage to secure the same, together with the result of the vote
thereon, shall be recorded in the office of the recorder of
each county through which said road shall run, and shall also be
recorded in the office of the Secretary of State.
(Source: P.A. 83-358.)