Railroad Incorporation Act

Illinois · Railroads · §§ 610-5-0-01 to 610-5-9 · 31 sections

Overview

The Railroad Incorporation Act governs the formation and internal governance of railroad corporations, setting out how organizers file articles of incorporation with the state and with the counties along the proposed route, what those articles must contain, and how the resulting corporation is managed by a board of directors elected by its stockholders. It regulates the corporation's capital structure — subscription calls and installment payments, transfer of shares, increases in authorized stock, and a prohibition on issuing stock or bonds except for value actually received — and classifies rolling stock and other movable property as personal property subject to execution and sale. The act also confers the corporate powers needed to build and operate a rail line, including eminent domain, while imposing limits such as a bar on consolidation with parallel or competing lines and forfeiture provisions where construction is not begun and substantially funded within a set period after incorporation.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

610 ILCS 5/0.01Short title
610 ILCS 5/1Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/10Meetings; access to records
610 ILCS 5/11Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/1.1This Act does not apply to railroads incorporated after July 1, 1985, or to railroads which are reincorporated under the Business Corporation Act of 1983, as amended
610 ILCS 5/12Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/13The directors of such corporation may require the subscribers to the capital stock of such corporation to pay the amount by them respectively subscribed, in such manner and in such installments as they may deem proper
610 ILCS 5/13aRailroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/14The stock of such corporation shall be deemed personal estate and shall be transferable in the manner prescribed by the by-laws of such corporation
610 ILCS 5/15In case the capital stock of any such corporation shall be found insufficient for constructing and operating its road, such corporation may, with the concurrence of two-thirds in value of all its stock, increase its capital stock, from time to time, to any amount required for the purpose aforesaid
610 ILCS 5/15.5Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/16Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/17Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/17.5Eminent domain
610 ILCS 5/18Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/19Every corporation formed under this act shall, in addition to the powers hereinbefore conferred, have power: 1
610 ILCS 5/2Such persons shall organize by adopting and signing articles of incorporation, which shall be filed and recorded in the office of the Secretary of State and a copy thereof rendered in the office of the recorder of each county through or into which such railway is proposed to be run
610 ILCS 5/20The rolling stock and all other movable property belonging to any such corporation, shall be considered personal property, and shall be liable to execution and sale, in the same manner as the personal property of individuals
610 ILCS 5/21No such corporation shall issue any stock or bonds, except for money, labor or property actually received and applied to the purposes for which such corporation was organized
610 ILCS 5/22No such corporation shall consolidate its capital stock with any other railway owning a parallel or competing line
610 ILCS 5/25Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/25.5Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/26If any railway corporation organized under this act, shall not, within two years after its articles of association shall be filed and recorded as provided in the second section of this act, begin the construction of its road, and expend thereon twenty-five per cent
610 ILCS 5/27Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/3Such articles shall contain: First--The name of the proposed corporation
610 ILCS 5/4Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/5Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/6Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/7Railroads › 610 ILCS 5 — Railroad Incorporation Act
610 ILCS 5/8All the corporate powers of every such corporation shall be vested in and be exercised by a board of directors, who shall be stockholders of the corporation, and shall be elected at the annual meetings of stockholders at the public office of such corporation within this state
610 ILCS 5/9Railroads › 610 ILCS 5 — Railroad Incorporation Act

Enacted in other states

Arkansas

All Illinois named statutes →

Download

Copy

Embed on your site

Hover to preview · click to copy the code

Search Wikipedia →