2016 Indiana Code
TITLE 8. UTILITIES AND TRANSPORTATION
ARTICLE 4. ORGANIZATION AND OPERATION OF RAILROADS
CHAPTER 21. STOCKHOLDER'S RIGHTS IN SALE OR LEASE
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IC 8-4-21
Chapter 21. Stockholder's Rights in Sale or Lease
IC 8-4-21-1
Consent of stockholders
Sec. 1. No such sale and purchase or lease shall be perfected until
a meeting of the stockholders of each of the companies has been
called for that purpose as hereinbefore provided, and the holders of
at least two-thirds (2/3) of stock of each company in person or by
proxy, at such meeting, assent thereto.
(Formerly: Acts 1913, c.169, s.2.)
IC 8-4-21-2
Dissenting shareholders; arbitration of claims
Sec. 2. A stockholder who, at such meeting, votes against such
sale and then, within ten (10) days thereafter, signifies, in writing, to
the purchasing company that the stockholder desires to dispose of the
stockholder's stock in the selling company shall be entitled to receive
from such purchasing company the average market value of the
stockholder's stock for the six (6) months next preceding the day of
the meeting of the selling company at which the sale is approved, on
the surrender of the stockholder's stock. If the purchasing company
and the stockholder can not agree as to the value of the stock, the
parties may submit the question to arbitration, to be conducted in
accordance with the provision of law regulating arbitration, so far as
applicable, by three (3) disinterested persons, to be appointed upon
the motion of either of the parties by the judge of the circuit court,
superior court, or probate court of the county in which the owner of
the stock resides, or in case the owner of the stock is nonresident of
the state or of any county through or into which the road passes, then
any county in which the road so sold passes.
(Formerly: Acts 1913, c.169, s.3.) As amended by P.L.84-2016,
SEC.39.
IC 8-4-21-3
Dissenting shareholders; arbitration of claims; deposit of award
with court
Sec. 3. If such stockholder refuses for a period of ten (10) days
after request therefor to submit the question to arbitration, then, upon
the application of a director of either the purchasing or selling
company, the proper judge shall appoint the arbitrators, who shall
proceed and ascertain the value of the stock as if the question had
been submitted by consent of both parties. If the party owning the
stock refuses to receive the amount awarded, the company may
deposit it with the clerk of the circuit court of the county in which
the arbitration is held, which deposit shall operate as if payment was
made to the owner of the stock. If the owner of the stock shall accept
the award of the arbitrators, he shall surrender his stock certificates.
Indiana Code 2016
(Formerly: Acts 1913, c.169, s.4.)
IC 8-4-21-4
Notice of intention to arbitrate
Sec. 4. In all cases of arbitration under sections 2 and 3 of this
chapter, the party desiring such arbitration shall give the opposite
party at least ten (10) days notice of his intention to apply to the
judge for the appointment of arbitrators, which notice shall be served
in the manner provided for the service of a summons, and must
specify the time and place of hearing of the application. In cases of
nonresidents, the notice shall be by publication for three (3)
consecutive weeks in some newspaper printed in the county where
the application is made.
(Formerly: Acts 1913, c.169, s.5.) As amended by P.L.62-1984,
SEC.73.
IC 8-4-21-5
Approval by department
Sec. 5. A purchase or lease made under this chapter is not valid
until it is approved by the Indiana department of transportation.
(Formerly: Acts 1913, c.169, s.6.) As amended by P.L.384-1987(ss),
SEC.48; P.L.18-1990, SEC.56.
Indiana Code 2016
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