§5151. Shares Shares in the capital of railroad corporations are personal estate and may be transferred in the same manner and with the same rights as shares in other corporations are transferred. [PL 1987, c. 141, Pt. A, §4 (NEW).] SECTION HISTORY PL 1987, c. 141, §A4 (NEW).
§5152. Rights of coupon holders When coupons for interest issued with bonds are, for a valuable consideration, detached and assigned by delivery, the assignee may maintain a civil action upon them in his own name against the corporation engaging to pay them. [PL 1987, c. 141, Pt. A, §4 (NEW).] SECTION HISTORY PL 1987, […]
§5153. Trustees; vacancies; elections affirmed; decrees enforced When a railroad corporation mortgages its franchise for the payment of its bonds or coupons and trustees are appointed by the corporation, by special law or by the mortgage, the bondholders, at a regular meeting called for the purpose and notified as provided may, from time to time, […]
§5154. Breach of mortgage; meeting of bondholders The neglect of the corporation to pay any overdue bonds or coupons secured by a mortgage, for 90 days after presentment and demand on the treasurer or president of the corporation, is a breach of the conditions of the mortgage. Upon such a breach, the trustees shall call […]
§5155. One vote for every $100 of bonds At such a meeting and all others, each bondholder present shall have one vote for each $100 of bonds held by him or represented by proxy. They may organize by the choice of a moderator and clerk and determine whether the trustees shall take possession of the […]
§5156. Trustees taking possession have corporate powers If the bondholders so determine, the trustees shall take possession of the road and all other property covered by the mortgage and have all the rights and powers and be subject to all the obligations of the directors and corporation of the road and may prosecute and defend […]
§5157. Receipts and expenditures; trustees not liable; road surrendered The trustees shall keep an accurate account of the receipts and expenditures of the road and exhibit it, on request, to any officer of the corporation or other person interested. They shall, from the receipts, keep the road, buildings and equipment in repair, furnish such new […]
§5158. Bondholders’ meetings; reports; compensation and instructions for trustees The trustees shall annually, and at other times on written request of 1/5 of the bondholders in amount, call a meeting of the bondholders in the manner prescribed in the bylaws of the corporation for calling a meeting of stockholders and report to them the state […]
