Louisiana Revised Statutes 56:1785 – Ownership and usage
Terms Used In Louisiana Revised Statutes 56:1785
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A. Upon approval by the Interstate Commerce Commission of the preservation of abandoned railroad rights of way as a transportation corridor the entity approved to administer and implement the “Rails to Trails” program shall, for any and all legal purposes, be considered the legal title holder of the property or rights sought to be preserved and, unless agreed to by means of contractual obligations to the contrary, the railroad company or corporation shall be relieved of all responsibility and legal rights and obligations as respects the property or rights included within the transportation corridor preserved by the governmental entity.
B. The usage of the railroad right of way approved by the Interstate Commerce Commission for preservation and included within the “Rails to Trails” program shall be the sole and exclusive prerogative of the governmental entity whose application was approved by the Interstate Commerce Commission.
Acts 1990, No. 1016, §1.