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280.140 Consolidation of
boundary streams.
(1)
(2)
(3)
corporations
operating
toll
bridges
across
When a corporation heretofore or hereafter organized under the general
incorporation laws of this state for the purpose of constructing, maintaining and
operating a bridge across a river forming a boundary line of this state has, with
the consent of its stockholders, heretofore consolidated, or may hereafter
consolidate, with a corporation organized for the same purpose under the laws
of any other state, the consolidated corporation shall, upon filing a verified copy
of the agreement of consolidation with the Secretary of State, have the rights,
powers, privileges and immunities of a corporation under the laws of this state,
and shall become a corporation of this state, with the right of perpetual
succession. The consolidated corporation shall have the power to construct,
maintain and operate such a bridge, and the power to condemn land in this
state necessary for the construction, operation and maintenance of the bridge
and its avenues, approaches and necessary appurtenances, the proceedings
to be conducted in the manner prescribed by law for the condemnation of lands
for railroad purposes. No bridge constructed under this section, nor any main
or principal approach thereof, shall cross any railway at grade thereof.
The consolidated corporation may increase its capital stock from time to time to
an amount sufficient for the construction of the bridge, but not to exceed the
amount of the capital stock authorized in the articles of incorporation of its
Kentucky constituent corporation, and may create an indebtedness not
exceeding the amount of its capital stock, and secure the indebtedness by a
mortgage upon its property, franchises and rights.
The filing of a copy of the agreement of consolidation with the Secretary of
State shall operate as an acceptance by the consolidated corporation of the
provisions of the Constitution and of all the provisions of this section and of
KRS 280.150.
Effective:October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from
Ky. Stat. secs. 843, 844, 853.
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