RS 388 - Foreclosure of mortgages; certificate of organization of new corporation; powers of new corporation
Upon compliance with R.S. 45:386 and 45:387, and upon the board of directors filing with the Secretary of State a statement, signed by those directors, showing the name of the corporation, amount of capital stock, shares into which the same is divided, number and residence of board of directors, where the road is situated, and the name under which it was previously incorporated and known, the Secretary of State shall certify the fact of filing, and the company, upon filing such statement of the board, shall be a body corporate, under the name chosen with all the rights, powers, privileges, immunities, and franchises granted to the mortgagee company in as full a manner as if the new company were incorporated in the very words of R.S. 45:386 through 45:390, the new company may borrow money for the purpose of its incorporation, issue its bonds and execute a mortgage on all or any of its rights, franchises, privileges, immunities or property to secure the bonds. But such mortgage shall be subject to the liability of the property of the railroad for the claims for labor, supplies and material, as provided in R.S. 45:386.