South Dakota Codified Laws 49-17-27. Separate fund for improvement and conservation of branch lines
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Agreements between railroad corporations and the Department of Transportation pursuant to § 49-17-24 which do not require payment of a portion of the increased revenue derived from the improved branch line to be paid by the railroad corporation to the state shall require that the railroad corporation establish and maintain a separate railroad corporation fund to which a specified portion of the increase in revenue derived from the improved railroad branch line shall be credited and that these funds shall be used by the railroad corporation for improvement, restoration, or conservation of railroad branch lines within the state.
Terms Used In South Dakota Codified Laws 49-17-27
- 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.
Source: SL 1978, ch 342, § 4.