Sec. 3. The money so paid, as is provided in section 2 of this chapter, shall be held by such treasurer in trust for the payment, firstly, of the debts of such old company; and, secondly, the balance, if any, shall be equitably distributed among the stockholders thereof.
Formerly: Acts 1867, c.80, s.3. As amended by P.L.62-1984, SEC.62.
Structure Indiana Code
Title 8. Utilities and Transportation
Article 4. Organization and Operation of Railroads
Chapter 12. Abandonment of Certain Railroads
8-4-12-1. Forfeiture of Rights, Privileges, and Franchises
8-4-12-2. Takeover of Derelict Company by New Company; Appraisement
8-4-12-3. Payment of Appraised Value; Disposition
8-4-12-5. Evidence of Abandonment