Louisiana Revised Statutes 45:383 – Mortgages to secure another railroad’s bonds
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Terms Used In Louisiana Revised Statutes 45:383
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Any railroad company doing business or owning property in Louisiana, may mortgage its property and franchises, whether then owned or to be acquired, in whole or in part, to secure bonds issued by any other railroad corporation of this or any other state. These bonds shall be issued to refund or secure the means to pay, or the proceeds of which shall be, or have been used to pay, the indebtedness of the mortgage corporations, or to improve or develop its property, or for any purpose authorized by its incorporation. The corporation issuing the bonds shall determine the amounts, the length of time, whether payable within or without Louisiana, and the rate of interest, not to exceed the legal rate at the place of payment.