Indiana Code 8-4-22-1. Approval of lease or purchase required
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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:
(2) the Indiana department of transportation.
(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
Terms Used In Indiana Code 8-4-22-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Formerly: Acts 1921, c.126, s.1. As amended by P.L.384-1987(ss), SEC.49; P.L.18-1990, SEC.57.