reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.01 | Companies May Consolidate.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When the railroads of railroad companies in this state or any portion of such railroads have been or are to be so constructed as to admit the passage of freight or passenger cars over any two or more of such railroads, continuously without break or interruption, such companies may consolidate themselves into a single company or either company may merge or be merged into the other. Where the railroad of any railroad company in this state is connected with the railroad of another railroad company by means of an intervening railroad, held and operated by either of such companies under lease or over which either of such companies has the right to operate under any trackage agreement, thereby forming together a connected and continuous railroad, the railroads of such companies so connected shall be held to admit the passage of cars over such railroads continuously, without break or interruption, within the meaning of this section.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.02 | Consolidation or Merger of Railroad Companies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A company organized in this state for the purpose of constructing, owning, and operating a railroad, or whose railroad is made or is in process of construction to a point within or without, or to the boundary line of, this state, may consolidate its capital stock, property, and franchises with those of a company in this or any other state, organized for a like purpose, whose railroad has been projected, constructed, or is in process of construction to the same point, or either company may merge or be merged into the other when the railroads so united and constructed will form a continuous or connected but not competing line for the passage of cars. Railroads running or to be constructed to the banks of a river which is not bridged, or to the tracks and property of a union depot or terminal company, the use of which is enjoyed by either of the companies proposed to be consolidated or merged, or to the tracks of another railroad over which either has the right to operate by favor of a lease or under any trackage agreement, shall be held to be continuous or connected under this section.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.03 | Merger With Other Railroad Companies.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A railroad company formed by the consolidation of a company of this state with a company of another state, or the surviving company in case of a merger of such companies, may make a further consolidation or merger with a company of this state, or of this state and any other state, or of another state or states, owning or operating over continuous, connected, but not parallel or competing lines. This section or section 4967.02 of the Revised Code does not authorize any such company organized under the laws of this state or of this state and any other state to be merged into any other company that is not so organized or authorized to do business in this state. The companies may fix by the the agreement for consolidation or merger the terms upon which it is to be made. Such terms may include the payment or retirement of the preferred stock of either or any of the companies parties to such agreement, if they have such stock. If the new or surviving company is to issue preferred stock, the par value of the shares thereof may be fixed by the agreement of consolidation or merger, or by resolution for the issue thereof without regard to the par value of shares of the common stock of such company.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.04 | Agreement of Consolidation or Merger.

Effective:
November 22, 1986
Latest Legislation:
House Bill 902 - 116th General Assembly
A consolidation or merger of railroad companies shall be effected by each railroad company adopting an agreement of merger or consolidation pursuant to section 1701.78, 1701.79, 1701.80, or 1701.801 of the Revised Code and making the filings required by section 1701.81 of the Revised Code.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.10 | Relief for Dissenting Shareholder.

Effective:
November 22, 1986
Latest Legislation:
House Bill 902 - 116th General Assembly
A stockholder who dissents in a consolidation or merger of railroad companies pursuant to section 4967.04 of the Revised Code is entitled to relief as a dissenting shareholder under section 1701.85 of the Revised Code.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.12 | Property of Old Companies Vests in New - Rights of Creditors Not Impaired.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Upon the consummation of any consolidation or merger, all the rights, privileges, and franchises of each of the companies, parties to the agreement of consolidation or merger, and all its property, debts due on account of subscriptions for stock, and other things in action, are to be deemed transferred to and vested in, or remain vested in, such new or surviving company without further act or deed. All property, rights of way, and other interests, are as effectually the property of the new or surviving company as they were formerly of the companies parties to the agreement. Titles to real estate acquired by deed, gift, grant, or by appropriation under the laws of this state shall not revert or be impaired by reason of the consolidation or merger. Rights of creditors and liens upon the property of the respective companies shall be preserved unimpaired, and the respective companies shall be deemed to continue in existence to preserve them. Debts, liabilities, and duties of the respective companies attach to the new or surviving company, and are enforceable against it to the same extent as if such debts, liabilities, and duties had been contracted by it.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.13 | Disposition of Stocks and Bonds Acquired Upon Consolidation or Merger.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A consolidated railroad company created by or existing under the laws of this state, or of this state and any other state, may take, hold, pledge, or otherwise dispose of, under such terms and agreements as the board of directors of such company prescribes, the stock and bonds of any other company acquired upon any consolidation or merger or received by virtue of any purchase, lease, or operating contract. Such company may maintain and operate a railroad purchased under authority of law, and lease or contract to operate a part or all of a railroad constructed or in the course of construction by another company of this state, of this state and another state, or of another state or states, if the railroad covered by such lease or operating contract is connected with a railroad owned, held, or operated under lease or trackage agreement by such consolidated railroad company, on such terms as the companies agreed upon.
As used in sections 4967.13 to 4967.16, inclusive, of the Revised Code, "consolidated railroad company" includes the surviving company in the case of a merger.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.14 | Consolidated Company May Issue Stock in Lieu of Purchase Money.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a consolidated railroad company described in section 4967.13 of the Revised Code is in possession of or operating in connection with or extension of its own railroad, any other railroad in this state or any other state, under purchase, conveyance, lease, contract, or agreement, such company may take a surrender or transfer of the whole or a part of the capital stock of the company conveying, leasing, or owning such railroad, from one or more stockholders, and issue in exchange therefor the like additional amount of its own capital stock, at par or on such other terms as are agreed upon by the directors of the consolidated railroad company.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.15 | Property of Company Acquired by Purchase Vested in Consolidated Company.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When the whole of the capital stock referred to in section 4967.14 of the Revised Code is surrendered or transferred, and a certificate thereof filed in the office of the secretary of state, under the common seal of the consolidated railroad company to which such surrender or transfer was made, the estate, property, rights, privileges, and franchises of the company whose stock was so surrendered or transferred vests in and is held and enjoyed by such consolidated company as fully and entirely, without change or diminution, as they before were held and enjoyed and shall be managed and controlled by the board of directors of such consolidated company. The two companies thenceforth are consolidated and are one company, under the corporate name of such consolidated company, without any other formalities or proceedings.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.16 | Effect of Consolidation.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Sections 4967.14 and 4967.15 of the Revised Code do not relieve a consolidated railroad company from paying the fee provided by section 111.16 of the Revised Code in case a corporation files a certificate for an increase of its capital stock. The rights of a stockholder not surrendering or transferring his stock are not affected, nor are existing liabilities or the rights of creditors of the company whose stock has been so surrendered or transferred affected, by sections 4967.14 to 4967.16, inclusive, of the Revised Code.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.17 | Principal Office.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
As soon as convenient after a consolidation of railroad companies resulting in the formation of a new company, the new company shall establish a principal office at some point in this state on the line of its railroad, but may change it at pleasure. Public notice of such establishment or change shall be given by publication in a newspaper of general circulation in the state, and by filing a written notice thereof with the secretary of state. This section and other laws respecting the residence of directors of corporations, the keeping of a principal or general office, and the records of corporations, do not apply to consolidated railroad companies created by or existing under the laws of this state and any other state. The election of directors of such consolidated companies may be held at the principal office of the company, whether located in this or any other state under the laws of which such company was created.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.18 | Taxation of Property of Railroad Located in This State.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
That part of the railroad of a consolidated or surviving railroad company located in this state, and all its real and personal property in this state, shall be listed for taxation and taxed in the same manner as the railroad and property of other railroad companies in this state. To ascertain the proportion of the rolling machinery subject to taxation here, the officer listing it shall ascertain the value of all the rolling machinery of the company, and return a sum bearing such proportion to the value of the whole, as the length of such railroad in this state bears to the length of the whole railroad.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.19 | Actions Against New Company.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Suits may be brought and maintained against the new company formed by a consolidation of railroad companies, or against the surviving company in the case of a merger, in the courts of this state for all causes of action, in the same manner as against other companies.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.20 | Proof of Charters Not Required.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
In any suit brought to charge a consolidated or surviving railroad company with a liability of any company party to the consolidation or merger, it is not necessary to produce or prove:
(A) The charters of such companies;
(B) The laws of the several states under and by virtue of which such consolidation or merger was effected;
(C) The original articles of consolidation or merger.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.21 | Two or More Companies Owning a Road May Divide and Dispose of It.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When two or more railroad companies are owners in common of the whole or a part of a railroad located within this state, and by reason of inequality in the amount of business done on such railroad by each company require a different degree and extent of improvement and development, such companies may enter into any arrangement they agree upon for enlarging, improving, developing, or increasing the facilities of such railroad or any part thereof. Such companies may make such division of the railroad and appurtenances thereon and execute and deliver each to the other, or to any other railroad company having authority to purchase it, such deeds of conveyance for the whole or part of such railroad as is agreed upon between such companies. This section does not impair the lawful lien of any creditor upon the railroad as conveyed.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.22 | Proceedings When Companies Cannot Agree on a Division.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
If the companies referred to in section 4967.21 of the Revised Code are unable to agree upon an equitable plan for improving and developing, or for the division and sale of, the railroad and appurtenances or part thereof so owned in common, either company may file with the public utilities commission a statement, under its seal, of the character and estimated cost of any addition or change in the nature of the roadbed, right of way, main tracks or sidetracks, bridges, culverts, buildings, structures, fixtures, or appurtenances, or any part thereof, of such railroad or part thereof, desired by such company, and of its inability to agree with the other joint owners in respect to making them. Upon receipt of such statement the commission, within thirty days of its filing, shall appoint a time when the owners of such railroad or part thereof may be heard respecting the reasonableness and necessity of such proposed additions or improvements, and give due notice in writing of the time and place of such hearing to each of the owners. The commission may make such order in respect to the reasonableness or necessity of the whole or any part of such additions or improvements, as well as the manner in which they are to be made, and the periods within which they shall be paid for, as is proper, and its decision in the matter is final.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.23 | Cost of Improvements.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The cost of the additions or improvements referred to in section 4967.22 of the Revised Code, unless otherwise agreed between the joint owners, shall be paid by them in proportion to their ownership in the joint property, irrespective of the amount of traffic which each owner may then have passing over such railroad. If either owner fails or refuses to pay the share of cost due from it on the basis fixed in this section, or within the period fixed by such commission, suit may be entered and judgment taken against that party.
Such judgment shall be a valid lien upon the interest in such railroad or part thereof owned jointly of such party in default, and may be sold at public sale as in other cases upon execution. A railroad company having authority to own or operate a railroad in this state, may purchase such interest at such sale, and enjoy and exercise in respect thereto, all the rights, privileges, and franchises which were exercised or enjoyed by the company owning it up to the time of sale. The compulsory power of enforcing additions or improvements provided for in this section and section 4967.22 of the Revised Code does not extend to local or terminal depot or shop grounds or facilities, the joint use of which is not needed by all the joint owners.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.24 | Partition Not Compulsory.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Sections 4967.21 to 4967.23, inclusive, of the Revised Code, do not imply or confer a right or power of compulsory partition of the joint property against the will of either of the joint owners, but it may be sold upon execution as provided in such sections.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.25 | Company Selling Interest May Purchase or Condemn Land Along Route.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
If, pursuant to the agreement or to the proceedings provided for in sections 4967.21 to 4967.24, inclusive, of the Revised Code, either railroad company sells or conveys, or suffers to be sold or conveyed, its interest in the railroad or part thereof so owned in common, such company may acquire by purchase or condemnation such land as it needs to construct, maintain, and operate a railroad along and adjacent to such part of its chartered route as was so sold or conveyed, and it shall have and enjoy all rights and franchises in respect to such newly acquired railroad as were held and enjoyed in respect to the railroad sold or conveyed.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4967 | Consolidation of Railroads › Section 4967.26 | Application in Case of Lease.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Sections 4967.21 to 4967.25, inclusive, of the Revised Code, apply in case one or more railroad companies or owners in common has leased its interest in the portion of railroad owned in common, and the lessee of such interest may unite with the lessor in the agreement provided for in section 4967.21 of the Revised Code, or with such lessor and owner, be compelled to make or pay for the addition and improvements contemplated in such section.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.01 | Sale of Roadbed and Right of Way.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A company, owning in whole or in part a roadbed and right of way for a railroad within this state, including those acquired by purchase at judicial sale, which, from lack of means or other cause, is unable to complete the construction of the proposed railroad theron, may sell, assign, and transfer it, or a part thereof, to any other company incorporated under the laws of this state, with authority to construct and operate a railroad over the same route, or any part thereof. The transfer shall include all work done upon such railroad, with all material furnished therefor, not exempted by the terms of the grant, and all rights, privileges, and easements, as fully as they are or may be possessed by the company making the transfer, and to the same extent, vest the title of and the right to enjoy them in such grantee.
Such transfer shall be by deed, executed by the president of the company which is the grantor, in the manner provided for the conveyance of real estate, and for such consideration as the parties agree upon.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.02 | Consent to Sale by Stockholders.

Effective:
October 7, 1977
Latest Legislation:
House Bill 42 - 112th General Assembly
Before a transfer as provided by section 4969.01 of the Revised Code may be made, the president of the company shall call a meeting of its stockholders, at some convenient point on, or at a terminus of, the railroad, of which meeting he shall cause at least thirty days' notice to be published in a newspaper published in or in general circulation in each county in which such roadbed and right of way are situated. By a concurrent vote of two thirds in interest of the stock represented at such meeting by the owners thereof, in person or by proxy, the meeting may declare by resolution the inability of the company to complete its railroad, prescribe the terms of the proposed transfer of its roadbed and right of way, and direct the president of the company to execute the deed. All such proceedings, resolutions, and directions shall be recited in the deed and be recorded in the proper record of the company, and a copy of such record shall be delivered to the grantee.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.03 | Dissenting Stockholder May Retain Interest.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No transfer shall be made under section 4969.01 of the Revised Code against the dissent of any stockholder, expressly declared and filed in writing at the meeting provided by section 4969.02 of the Revised Code, without the guaranty of the grantee company that it will issue to him, certificated of its capital stock, equal in amount to his pro rata interest as a stockholder of the grantor, in the amount for which the property is sold.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.04 | Title Vests in Grantee.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The title to the property transferred, with the right to use, occupy, and enjoy it for all purposes proper in the construction, maintenance, and operation of a railroad thereon, shall pass to and vest in the grantee company, by the execution of the deed referred to by section 4969.01 of the Revised Code, to the same extent as the granting company might or could use, occupy, and enjoy it.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.05 | Certain Contracts of Sale Void Unless Recorded.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No contract for the sale of railroad equipment, rolling stock, or other personal property to be used in or about the operation of a railroad, by the terms of which the purchase money, in whole or part, is to be paid in the future, and in which it is stipulated or conditioned that the title to the property sold shall not vest in the vendee, but shall remain in the vendor until the purchase money has been fully paid, is valid against creditors or innocent purchasers for value, unless such contract is recorded, or a copy thereof is filed in the office of the secretary of state. When the contract is so recorded, or a copy thereof so filed, the title to the property sold, or contracted to be sold, shall not vest in the vendee, but remain in the vendor until the purchase money has been fully paid. Such stipulation or condition is and shall remain valid, notwithstanding the delivery of the property to and its possession by the vendee.
The secretary of state, upon being paid the proper fees shall record any such contract, and shall file in his office a copy of any such contract, when it is delivered to him for that purpose. For every copy so filed he shall receive one dollar.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.06 | Parties May Provide for a Conditional Sale in a Lease.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Any written contract for the renting, leasing, or hiring of railroad equipment, rolling stock, or other personal property to be used in or about the operation of a railroad, may stipulate or provide for a conditional sale of the property at the termination of such renting, leasing, or hiring, and may stipulate or provide that the rental reserved as paid, or when paid in full, shall be applied and treated as purchase money. Such contract may stipulate or provide that the title to such property shall remain in the lessor or vendor until the purchase money has been fully paid, notwithstanding delivery to and possession by the other party, subject to the requirement as to recording or filing contained in section 4969.05 of the Revised Code.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.07 | Sale of Equipment.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Sections 4969.05 and 4969.06 of the Revised Code apply, not only to contracts made with a railroad company as vendee or lessee, but also apply to all contracts which may be made with any interurban railroad or street railway company, or other company, corporation, or person as vendee or lessee, by which any such interurban railroad or street railway company, or other corporation, company, or person undertakes to purchase, rent, lease, or hire any railroad, or interurban railroad, or street railway equipment, cars, rolling stock, or other personal property, designed for use on, or in connection with a railroad or interurban railroad, or street railway in this or other states.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.08 | Receiver.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a railroad, the whole or part of which lies within this state, has been placed by order of a court in the hands of a receiver who has taken charge of and is operating it for the purpose of carrying passengers, freight, and doing such other things as ordinarily belong to the running and management of railroads, in his official capacity, such receiver may sue or be sued in the courts of this state without leave previously granted. No person shall act as such receiver unless he is a resident citizen of this state.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.09 | Application of Funds - Lien.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The earnings of a railroad in the hands of a receiver, and all other money which comes into his hands as receiver, shall be applied first to pay:
(A) Costs and expenses of the suit in which he was appointed;
(B) The expenses of operating and managing the railroad, including materials and supplies procured by him for it;
(C) The liabilities incurred by him in such operation and management.
Judgments recovered against a receiver for injuries to person or property, for wages of employees, for work done, or for materials furnished while he is operating or managing the railroad, shall be a lien on the funds in his hands as receiver, but shall affect him only in his trust capacity and not individually.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.10 | Receiver Must Deposit Money.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a railroad operated by a receiver is wholly within this state, all money which comes into his hands, whether from operating the railroad or otherwise, shall be kept and deposited in such place within this state as the court directs, until properly disbursed. If a part of the railroad lies in another state, the receiver shall deposit in this state at least such share of the funds in his hands as is proportioned to the value of the property of the railroad company within this state.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.11 | Venue - Service.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Actions may be brought against the receiver of a railroad, street railway, or an interurban railroad, in any county through or into which such railroad, street railway, or interurban railroad is constructed. Service of summons may be made on the receiver or superintendent of the railroad, street railway, or interurban railroad, or a ticket or freight agent in the employment of or acting for the receiver. No service made upon such agent is valid unless his office or place of business is in the county where the suit is brought.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.12 | Certain Railroads May Be Sold at Judicial Sale.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The real and personal property, roadbed, right of way, fixtures, and franchises of a railroad company in this state which has not completed, nor conveyed by deed of trust or mortage, any part of its railroad, and which is insolvent, and whose property is in the hands of a receiver appointed by a court of competent jurisdiction, may be sold at judicial sale, and title thereto, with all the rights, liberties, faculties, and franchises, shall pass by such sale, and vest in the purchaser thereof, as fully as they had been possessed, exercised, and enjoyed by such company.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.13 | Receiver Must Petition for Sale.

Effective:
October 7, 1977
Latest Legislation:
House Bill 42 - 112th General Assembly
Before a sale under section 4969.12 of the Revised Code is ordered, the receiver shall file in the court his petition therefor, in which he shall set forth the names of the creditors of the company, with the sums due to each as nearly as can be ascertained, a statement of the company's assets, exclusive of its roadbed, rights of way, and franchises, and a pertinent description in general terms of the roadbed, right of way, and property so sought to be sold, and cause notice thereof to be published, for six consecutive weeks, in a newspaper published in and of general circulation in each of the counties in which any part of the roadbed is situated. Before the distribution of the proceeds of the sale any creditor may appear and set up his claim by answer, and have it determined by the court, if it is omitted from or inaccurately stated in the petition.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.14 | Order for Appraisement.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
On proof of the publication of the notice required by section 4969.13 of the Revised Code, and being satisfied that a sale is necessary to pay the indebtedness of the company, the court shall order the sale of such railroad, roadbed, rights of way, property, and franchises, on such terms of payment as it deems proper, and issue its order to the receiver commanding that he cause them to be appraised by commissioners, selected by the court, skilled in the construction and value of such roadbeds as they may be called upon to appraise, having the qualifications of a freeholder, not less than three in number, and consisting of at least one from each county in which any part of the roadbed is situated. Such proceedings shall be had under the order as are provided in sales of real estate made by judicial order in other cases, so far as they are applicable.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.15 | Notice of Sale to Be Published.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Before a sale referred to in section 4969.12 of the Revised Code is made, notice thereof shall be given by publication, for six consecutive weeks, in some newspaper published and of general circulation in each of the counties through or in which such railroad is located, and also in some newspaper published and of general circulation in each of the cities of New York and Cincinnati, for at least thirty days prior to the day of sale. The sale shall not be made for less than two thirds of the appraised value of the property and rights, unless, upon their having been twice offered and not sold, the court orders a reappraisement.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.16 | Confirmation of Sale and Deed - Distribution of Proceeds.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a sale referred to in section 4969.12 of the Revised Code is made and reported to the court, if satisfied that it was conducted according to law and its order, the court shall confirm the sale and order the receiver to execute and deliver to the purchaser a deed of conveyance for the railroad, roadbed, rights of way, real estate, fixtures, and franchises so sold.
The proceeds of the sale, after paying the costs and expenses thereof and the unpaid expenses of the trust against the company, shall be distributed pro rata among all the creditors of the company.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.17 | Who May Purchase Property.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A company organized under the laws of this state may purchase the property referred to in section 4969.12 of the Revised Code. Any number of persons not less than five may purchase such railroad, roadbed, rights of way, property, and franchises at such sale. On filing a transcript of the decree of confirmation in the office of the secretary of state, they shall become a corporation of this state, amenable to its process and, with perpetual succession by such name as they assume, shall be subject to the law regulating such corporations, and shall hold the property, rights, and franchises so purchased free from liability for the debts of the original corporation.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.18 | Purchaser May Acquire Franchise.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The purchaser of a railroad situated wholly or partly within this state, sold pursuant to judicial proceedings, may acquire the franchise originally vested in the company which held the railroad prior to such sale, by grant of such company, under such terms as are agreed upon by the directors of the company with the consent of stockholders owning two thirds of the stock. Such grant shall be in the form required to convey real estate, and shall pass such franchise to the persons or company becoming the owner by the purchase of such railroad. No grant may be made unless provision is made for granting to the stockholders in the original company stock in the reorganized company, upon equal terms with the stockholders of such reorganized company, and unless it is acceptable to the directors making it.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.19 | Purchaser at Judicial Sale May Sell Railroad.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The purchaser of the property, roadbeds, rights of way, fixtures, and franchises of a railroad company in this state, situated wholly or in part in this state, sold pursuant to judicial order, judgment, or decree, and which sale is confirmed by the court making the order of sale, may sell all or any part of such property. The title thereto, with all the rights, liberties, faculties, and franchises shall pass by such sale and vest in the purchaser of such property, as fully as if they had been possessed, exercised, and enjoyed by such railroad company. The grant thereof, in the form required to pass real estate, shall be recorded in the record of deeds of the counties in which such property is situated and the rights and franchises are or may be exercised.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.20 | Any Number of Persons May Purchase and Incorporate.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A railroad company organized or existing under the laws of this state may purchase the property as provided in section 4969.19 of the Revised Code. Any number of persons may purchase such railroad, roadbeds, rights of way, property, and franchises either directly at such judicial sale or by grant from the purchasers at such sale. On filing a copy of such deed or grant in the office of the secretary of state, with articles of incorporation executed in accordance with the law respecting the creation of corporations for profit, they and such persons as associate with them, not less than five in number, shall become a corporation with perpetual succession by such name as they assume, with capacity to maintain and operate such railroads, whether located wholly within this state, or partly within this state and partly in another state.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.21 | May Issue Stock and Bonds to Pay Purchase Price.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A corporation may provide for the purchase price of the railroad and other property bought as provided in section 4969.20 of the Revised Code by the issue of its capital stock, preferred or common, and bonds secured by mortgage or otherwise, bearing interest at a rate not exceeding seven per cent per annum. Stock and bonds issued as such purchase price, in amounts the incorporators in good faith agreed on, shall be valid, and taken as fully paid for by the transfer to the corporation of such railroad and property. The corporation may also by such issue of stock or bonds raise the necessary means suitable to improve such railroad property and equipment for the uses and purposes for which it is employed. In the operation and maintenance of its railroad, such corporation is entitled to all the rights and is subject to all the obligations and restrictions imposed upon railroad companies by the laws of this state.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4969 | Railroad Sales; Railroad Receivers › Section 4969.22 | Certain Rights of Way Forfeited.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Where a right of way, or part thereof, upon an unfinished railroad remains for ten years unused for railroad purposes, it shall be held forfeited and shall revert to the owner of the land, unless at least twenty miles of the railroad have been completed by the company during that period, or unless an average of one thousand dollars per mile has been expended for construction before the expiration of such period.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4971 | Reorganization of Railroads › Section 4971.01 | Proceedings for Reorganization.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When proceedings are pending in any court for the sale of the railroad of a railroad company, under a mortgage or deed of trust, and two thirds in interest of the creditors and two thirds in interest of the stockholders of the company agree, in writing, upon a plan for the readjustment or capitalization of the debt and stock of the company, the court shall render judgment against the company for the amount due and in arrear upon such securities. From the time of its rendition, such judgment is a lien on all the property embraced in such securities, and all the franchises and powers of the company, including its franchises to be and act as a corporation, conferred by the charter and the amendments to the charter of the company. Upon a sale had under such judgment, and a purchase at such sale by trustees, appointed by such agreement, on behalf of the parties to such agreement, all the property bound by the judgment, including such franchises, shall vest in such trustees. Such agreement shall provide that the unsecured debts of the company incurred for repairs or running expenses shall be paid in money or bonds of the reorganized company of the highest class issued. A copy of the agreement shall be filed in such court before the rendition of the judgment.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4971 | Reorganization of Railroads › Section 4971.02 | Meeting of Creditors - Proceedings.

Effective:
October 7, 1977
Latest Legislation:
House Bill 42 - 112th General Assembly
As soon as practicable after the sale of the railroad of a railroad company under a judgment, the trustees shall call a meeting of the parties to the agreement provided by section 4971.01 of the Revised Code, by a notice signed by a majority of the trustees or their survivors, and published not less than once a week, for four consecutive weeks, in a newspaper published in the cities of New York and Philadelphia, and in a newspaper published in each county on the line of the railroad, specifying the day, place, and object of such meeting. The place for such meeting shall be on the line of the railroad. At such meeting, each of the parties to the agreement may vote according to the provisions of such agreement, but not exceeding one vote for every fifty dollars of the par value of the debt or stock of such party, according to a list of voters and their respective interests, which shall be prepared by the majority of the trustees. The trustees may act as judges of the election. By a majority in interest of the persons present, in person or by proxy, such meeting may retain or change the name of the company, decide, for the time being, the amount of its capital and the number of shares into which it is to be divided, fix the number of directors and their term of office, elect such directors, a majority of whom shall be residents of the states in which such railroad is situated, and do all things necessary or proper to reorganize the company. Any creditor may become a party to the agreement, either at or before such meeting. A stockholder may become a party to such agreement at any time within one year after such meeting.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4971 | Reorganization of Railroads › Section 4971.03 | Certificate to Be Filed.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A certificate, under the common seal of the company referred to in section 4971.02 of the Revised Code, specifying its name, and the railroad which it is to hold, maintain, and operate, shall be filed in the office of the secretary of state. A certified copy of such certificate shall be evidence of a compliance with sections 4971.01 and 4971.02 of the Revised Code, and of the reorganization and existence of the company.
2023 Ohio Revised Code › Title 49 | Public Utilities › Chapter 4971 | Reorganization of Railroads › Section 4971.04 | Powers of New Company.

Effective:
July 30, 1984
Latest Legislation:
House Bill 250 - 115th General Assembly
The reorganized railroad company may, within six months after the organization, assume such debts or liabilities of the original company and make such adjustments or exchanges with any bondholder of the original company, and, within one year, make such adjustments or exchanges with any stockholder of the original company, as are expedient. For such purpose, the company may use bonds or stock which it is authorized to issue or create. It may make and issue such bonds, payable at times and places and bearing rates of interest not exceeding six per cent per annum, as it deems expedient, and secure the payment of bonds which it issues or assumes to pay by mortgages or deeds of trust of its railroad or other property, including all its cars, other rolling stock, equipment, machinery, tools, implements, fuel, materials, and other things then held or later acquired for constructing, operating, or repairing the railroad, or for repairing or replacing its equipment or appurtenances, as part and parcel of the railroad, and as constituting with the railroad one property. It also may include in such mortgage or deeds of trust all franchises held by the company connected with or related to the railroad, and all its other corporate franchises. Such franchises, including the franchise to be a corporation, in case of sale by virtue of such mortgage or deed of trust, or of any judgment specified in section 4971.07 of the Revised Code, shall pass to the purchasers to enable them to reorganize the company. Such company may issue an amount of capital stock which it deems proper, not exceeding a limit fixed by agreement with the trustees purchasing, and may establish preferences in respect to dividends or distributions in favor of any class of the stock in such order and manner as it deems expedient, not exceeding the limits fixed by such agreement. If authorized by the agreement, such company may confer on holders of bonds which it issues or assumes to pay the right to vote at meetings of stockholders, not exceeding one vote for every fifty dollars of the par amount of the bonds as was provided for in the agreement. Such right, once fixed, shall attach to and pass with such bonds, under such regulations as the bylaws prescribe, to the successive holders of such bonds, but does not subject the holder to assessment by the company or to liability for its debts, and does not entitle him to dividends or distributions.