Indiana Code 8-1-2-82. Franchise; sale; transfer; assignment or encumbrance
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Terms Used In Indiana Code 8-1-2-82
- Commission: as used in this chapter , means the commission created by IC 8-1-1-2. See Indiana Code 8-1-2-1
- 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.
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- public utility: as used in this chapter , means every corporation, company, partnership, limited liability company, individual, association of individuals, their lessees, trustees, or receivers appointed by a court, that may own, operate, manage, or control any plant or equipment within the state for the:
Indiana Code 8-1-2-1
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
- Utility: as used in this chapter , means every plant or equipment within the state used for:
Indiana Code 8-1-2-1
Sec. 82. Any person or association of persons other than an existing public service corporation, which is or may become the owner or assignee of the rights, powers, privileges and franchises of any public utility created or organized by or under the law of this state, by purchase under a mortgage sale, sale in bankrupt proceedings, or sale under any judgment, order, decree or proceedings of any court in Indiana, including the courts of the United States sitting in Indiana, shall within sixty (60) days after such purchase or assignment, organize anew by filing articles of incorporation as provided by law, and upon filing the articles of incorporation shall have the rights, privileges and franchises which such utility had, or was entitled to have, at the time of such purchase and sale. The new corporation may issue stock, certificates of stock, bonds, notes or other evidences of indebtedness for the property of the former corporation thus acquired, in an amount not to exceed the true value of such property, as found and determined by the commission, in accordance with this chapter.
Formerly: Acts 1913, c.76, s.94. As amended by P.L.136-2018, SEC.48.