2005 Minnesota Statutes - 222.13 — Bonds; funding indebtedness.

     222.13 Bonds; funding indebtedness.  


    Any domestic railroad corporation may borrow money, execute 
 its bonds or promissory notes therefor, and secure payment 
 thereof by mortgage or pledge of its property or income, or 
 both; but the amount of its indebtedness or liability, exclusive 
 of that so secured, shall not at any one time exceed two-thirds 
 of the amount of its capital or the amount specified in its 
 certificate of incorporation.  Such corporation may issue bonds 
 and promissory notes in lieu and in payment of outstanding 
 bonds, bearing such rate of interest as may be agreed upon, and, 
 if the certificate of incorporation so provides, one or more 
 persons selected by the holders of such bonds may be admitted 
 into the board of directors upon such terms and conditions and 
 under such regulations as may be agreed upon between the 
 corporation and its bondholders or their trustees.  


    HIST: (7512) RL s 2901