280.140 Consolidation of corporations operating toll bridges across boundary

307 words·~1 min read·/ky/280-140

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

streams.

(1)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.

(2)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.

(3)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.