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2012 Maine Revised Statutes
TITLE 23: HIGHWAYS
Chapter 605: MANAGEMENT AND OPERATION
23 §5156. Trustees taking possession have corporate powers


23 ME Rev Stat § 5156 (2012 through 125th Legis) What's This?

Part 7: RAILROADS HEADING: PL 1987, C. 141, PT. A, §4 (NEW)

Subchapter 3: SHARES, COUPONS AND MORTGAGES HEADING: PL 1987, C. 141, PT. A, §4 (NEW)

§5156. Trustees taking possession have corporate powers

If the bondholders so determine, the trustees shall take possession of the road and all other property covered by the mortgage and have all the rights and powers and be subject to all the obligations of the directors and corporation of the road and may prosecute and defend suits in their own name as trustees. [1987, c. 141, Pt. A, §4 (NEW).]

SECTION HISTORY

1987, c. 141, §A4 (NEW).

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