Oklahoma Statutes
Title 66. Railroads
§66-8. Public Service Corporations - Capital stock - Indebtedness.

Public Service Corporations as defined by Section 34, Article IX, of the Constitution of the State of Oklahoma, may, by proper corporate action, and for lawful corporate purposes, borrow, from time to time, such sums of money at such rates of interest and upon such terms as may be deemed necessary or expedient and the total amount of indebtedness of such corporation so created shall not in any way be limited by the amount of their subscribed capital stock, nor shall the total of said indebtedness affect in any way the right of such corporations to reduce or increase their capital stock. Such corporations shall have the power to execute trust deeds, or mortgages, or both, as the occasion may require, on any of its property, or parts thereof, constructed or in process of construction, for amounts borrowed or owing by the corporation and therein to make provisions granting, transferring, or mortgaging their railroad track, right-of-way, depot ground, rights, privileges, franchise, immunities, exemptions, machine houses, power houses, rolling stock, transmission lines, furniture, tools, implements, appendages and appurtenances used in connection with such corporation's business in any manner whatever, then belonging to the corporation or which may thereafter belong to it, as security for any bonds or evidence of debt therein mentioned, in such manner as the corporation or directors shall think proper, and such instruments shall fully convey the same or so much thereof as shall be therein described. In case of sale by virtue of any such trust deed or upon foreclosure of any such mortgage, the persons acquiring title under such sale and their associates, successors and assigns, or such corporation as they organize, according to law, with all the powers conferred upon corporations by this article, shall thereafter have, exercise and enjoy all such described grants which were purchased at such sale, including all rights, privileges, grants, franchises, immunities and advantages mentioned in such instruments which were possessed by such corporation making the same or contracting such debt, so far as the same relate or appertain to that portion of property granted or mortgaged and purchased at such sale and no further, as fully and absolutely in all respects as such corporation, its shareholders, officers and agents might have done if such sale had not taken place. And whenever the person so acquiring title under any such sale shall own or represent a majority in amount of the bonds or other evidence of debt secured by any such trust deed or mortgage, and shall also include the persons who owned at the time of the sale, a majority in amount of the capital stock of such mortgage or corporation, such purchasers and such corporation as they shall organize as aforesaid, shall also have, possess and enjoy any exemption, privileges or immunity previously granted by any law to such former corporation relating to any of the property so acquired, to the same extent as if such latter corporation had been named in such law as the grantee thereof.

R.L. 1910, § 1383; Laws 1923-24, c. 90, p. 108, § 1, emerg. eff. March 22, 1924.

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