Sec. 7. Whenever any railroad company, coming within the provision of this chapter, shall sell or transfer their property, rights, or franchises to any other railroad company, it shall be the duty of such last named railroad company to complete the road so transferred to them, and put the same in complete running order, within three (3) years after the time of such transfer; and upon failure so to do, it shall be taken and held to have abandoned and forfeited the same, and any company organized, as provided in this chapter, shall succeed to and be invested with the same, as is provided in this chapter; however, nothing in this chapter contained shall be regarded as a recognition of the right of two (2) or more railroad companies to consolidate by voluntary agreement.
Formerly: Acts 1867, c.80, s.7. As amended by P.L.62-1984, SEC.64; P.L.136-2018, SEC.92.
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