2023 Illinois Compiled Statutes › Chapter 610 - RAILROADS › 610 ILCS 70/ - Railroad Powers Act.

(610 ILCS 70/0.01) (from Ch. 114, par. 49b.9)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
Railroad Powers Act.
(Source: P.A. 86-1324.)
(610 ILCS 70/1) (from Ch. 114, par. 49c)
Sec. 1. 
		
		Every railroad company heretofore or hereafter organized under the
laws of this State, or under the laws of this State and another State or
States, shall have power to lease, sell, transfer and convey the whole or
any part of its railroad and all or any part of its other property to, and
shall have power to consolidate with, acquire by merger, or be merged into
any other railroad company organized under any law of this State, or under
the laws of this State and another State or States, or under the law of any
other State or States, having power to purchase or lease the same, or to
consolidate or merge with the same, and such acquiring or new or surviving
corporation shall be deemed to possess within this State all the rights,
privileges and franchises of each such corporation of this State so
consolidated or merged, including the power of eminent domain, but no lease
or sale of all or substantially all of its property, and no consolidation
or merger, shall be made with any other railroad owning a parallel or
competing line, nor without the consent or approval of the holders of
two-thirds in amount of its outstanding capital stock, expressed at an
annual or special meeting of the stockholders, of which sixty days' notice
shall be published in newspapers in the place of the principal office in
Illinois of the company or companies existing under Illinois Law. The
acquiring railroad shall hold the railroad property situated in this State,
and the rights, privileges and franchises to be exercised in this State,
including the power of eminent domain, subject to the laws of this State
for the regulation, government, taxation or control of railroads organized,
or which may be organized under the laws of this State.
(Source: Laws 1953, p. 1308.)
(610 ILCS 70/1.05)
Sec. 1.05. Eminent domain. Notwithstanding any other provision of this Act, any power granted under this Act to acquire property by condemnation or eminent domain is subject to, and shall be exercised in accordance with, the Eminent Domain Act.
(Source: P.A. 94-1055, eff. 1-1-07.)
(610 ILCS 70/1.1) (from Ch. 114, par. 49c.01)
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 70/1a) (from Ch. 114, par. 49c1)
Sec. 1a. 
		
		Such consolidation or merger as authorized by Section 1 shall take
effect upon the filing and recording of such articles of consolidation or
merger in the office of the Secretary of State of the State of Illinois,
and a certified copy thereof in the office of the Recorders of the various
Counties in which said railroad is situated. A certified copy of such
articles of consolidation or merger, under seal of the Secretary of State,
shall be deemed and taken to be prima facie evidence of the existence of
such consolidated or surviving corporation.
(Source: Laws 1953, p. 1308.)
(610 ILCS 70/2) (from Ch. 114, par. 49d)
Sec. 2. 
		
		Nothing in this Act contained shall be construed as authorizing
any lease, sale, transfer or conveyance, or any consolidation or merger, as
provided in Section 1 of this Act when there shall be in force any law of
this State or any law of the United States of America requiring the consent
or approval of any commission or other governmental agency unless such
consent or approval shall be obtained.
(Source: Laws 1953, p. 1308.)