Amendment of charter to carry out plan of reorganization under federal laws

1. Law
2. Mississippi Code
3. Public Utilities and Carriers
4. Railroads and Other Common Carriers
5. Railroads and Railroad Corporations
6. Incorporation and Consolidation of Railroad Corporations
7. Amendment of charter to carry out plan of reorganization under federal laws

1. Notwithstanding the provisions of any other statutes of this state specifying the procedure to be followed in obtaining amendments to charters of incorporation of railroad companies incorporated under the laws of this state, in all cases where a plan of reorganization of any such railroad company, pursuant to the provisions of any applicable statute of the United States relating to the reorganization of such corporations, has been or shall be confirmed by any court of competent jurisdiction, and where the amendment of said charter of incorporation is proper to put into effect and carry out the plan of reorganization and the decrees and orders of the court or judge relative thereto, the trustee or trustees of such corporation appointed in the reorganization proceedings, or the reorganization managers or committee designated in the plan of reorganization to consummate same, or such other person or persons as may be designated by the court or judge in the reorganization proceedings, shall have full power and authority to carry out such plan of reorganization and the decrees and orders of the court relative thereto without action by the directors or stockholders of such railroad company, including the power and authority to apply for and obtain, without action by the stockholders or directors, any and all amendments to the charter of incorporation which may be proper to carry out such plan of reorganization and the decrees and orders of the court relative thereto.
2. When the amendment of a charter of incorporation of a railroad corporation is desired under the provisions of this section, the person or persons authorized by this section to apply for same shall prepare a petition therefor which shall be properly acknowledged before a notary public or other officer authorized to take acknowledgments and which petition shall set forth in full the desired and proposed amendments to said charter. The said petition shall likewise contain a statement that the proposed amendments are proper to carry out the plan of reorganization and the decrees and orders of the court relative thereto, and shall give the title and venue of the proceedings and the date of the decree confirming the plan. Said petition shall be filed with the governor who shall submit same to the attorney general who shall give his opinion, in writing, as to whether or not said amendments be in conformity with the law.

   If the attorney general be of the opinion that the proposed amendments are in conformity with the law, and if the governor believes that the amendments should be approved, he shall endorse his approval thereon, and the petition, together with the endorsements of the attorney general and the governor, shall be filed with the secretary of state who shall record the same in his office and certify same under the great seal of the state. The said petition, when so approved and certified, shall also be recorded in the office of the chancery clerk of each county through which the railroad may run and, when all of same shall be done, the said amendments to the charter shall become effective to the same extent as though the said amendments had originally been incorporated as a part of the said charter of incorporation.

Download our app to see the most-to-date content.