Effective: October 1, 1953
Latest Legislation: House Bill 1 - 100th General Assembly
A company organized under the laws of this state may purchase the property referred to in section 4969.12 of the Revised Code. Any number of persons not less than five may purchase such railroad, roadbed, rights of way, property, and franchises at such sale. On filing a transcript of the decree of confirmation in the office of the secretary of state, they shall become a corporation of this state, amenable to its process and, with perpetual succession by such name as they assume, shall be subject to the law regulating such corporations, and shall hold the property, rights, and franchises so purchased free from liability for the debts of the original corporation.
Structure Ohio Revised Code
Chapter 4969 | Railroad Sales; Railroad Receivers
Section 4969.01 | Sale of Roadbed and Right of Way.
Section 4969.02 | Consent to Sale by Stockholders.
Section 4969.03 | Dissenting Stockholder May Retain Interest.
Section 4969.04 | Title Vests in Grantee.
Section 4969.05 | Certain Contracts of Sale Void Unless Recorded.
Section 4969.06 | Parties May Provide for a Conditional Sale in a Lease.
Section 4969.07 | Sale of Equipment.
Section 4969.09 | Application of Funds - Lien.
Section 4969.10 | Receiver Must Deposit Money.
Section 4969.11 | Venue - Service.
Section 4969.12 | Certain Railroads May Be Sold at Judicial Sale.
Section 4969.13 | Receiver Must Petition for Sale.
Section 4969.14 | Order for Appraisement.
Section 4969.15 | Notice of Sale to Be Published.
Section 4969.16 | Confirmation of Sale and Deed - Distribution of Proceeds.
Section 4969.17 | Who May Purchase Property.
Section 4969.18 | Purchaser May Acquire Franchise.
Section 4969.19 | Purchaser at Judicial Sale May Sell Railroad.
Section 4969.20 | Any Number of Persons May Purchase and Incorporate.
Section 4969.21 | May Issue Stock and Bonds to Pay Purchase Price.