Ohio Code 4981.10 – Conditions for purchasing property, facilities or equipment
Current as of: 2023 | Check for updates
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As long as such action does not violate covenants made on behalf of or for the benefit of the holders of bonds, notes, or other obligations of the Ohio rail development commission, the Ohio rail development commission may purchase any portion of the rail property of a railroad corporation and may purchase any other property, facilities, or equipment considered necessary by the commission for the operation of rail services, subject to the following conditions:
Terms Used In Ohio Code 4981.10
- 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.
- Property: means real and personal property. See Ohio Code 1.59
(A) Upon inspection of the rail property the commission determines that the rail property is suitable for the efficient operation of rail services;
(B) The controlling board approves the purchase of the rail property by an affirmative vote of no fewer than five members.