Section 147. Powers of corporations organized to acquire and operate railroads partly in the state  


Latest version.
  • A railroad corporation created under the
      laws of the state or states in which the greater part of the line of its
      railroad may be  situated,  or  a  railroad  corporation  heretofore  or
      hereafter  created  under  this chapter or other statutes of this state,
      for the purpose of taking title to, and operating, the line of  road  as
      so  sold,  under  a judgment or decree of a court of this state, or of a
      court of the United States sitting in this state, for the foreclosure of
      a mortgage, with its franchises and appurtenances, may hold, possess and
      operate not only those parts of the railroad lying in other states,  but
      also  that  part  of  the line of such railroad lying in this state, and
      shall be subject to the duties and liabilities to which such corporation
      was, by the laws of this state, subject, and to such  further  or  other
      duties  and  liabilities  as  are now or may hereafter be imposed by law
      upon railroad corporations of this state, and to the provisions  of  any
      other   statute   of   this   state  concerning  the  reorganization  of
      corporations. An exemplified copy of the certificate or certificates  of
      incorporation,  under  and  by  virtue  of which any such corporation is
      created in any other state, and a certified  copy  of  the  judgment  or
      decree  of  any  court  sitting  in  any  other  state, under which said
      railroad shall have been sold, and a certified  copy  of  the  order  or
      judgment  or  decree  of  confirmation  and  approval  required  by  the
      preceding section, or of the order, judgment or decree of the  court  of
      this  state,  or  of  the United States in this state, which decreed the
      sale, confirming  the  same,  shall  be  filed  in  the  office  of  the
      department  of  state  for  this  state, and in the office of the county
      clerk of the county where its principal business office in this state is
      or shall be located.
        This section and the preceding one shall apply in respect of  decrees,
      foreclosures,  sales, confirmations, reorganizations and incorporations,
      whether heretofore or hereafter made, provided, however, that nothing in
      either of said sections shall affect any action or proceeding pending in
      any court, on or before the first day of  April,  eighteen  hundred  and
      ninety-six,   to   establish   the  invalidity  of  any  foreclosure  or
      reorganization theretofore had, or to  enforce  any  judgment  or  claim
      arising before such foreclosure or reorganization.