HB2272 97TH GENERAL ASSEMBLY

LRB097 07387 HEP 47496 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2272

Introduced , by Rep. Tom Cross

SYNOPSIS AS INTRODUCED:

610 ILCS 5/1

from Ch. 114, par. 1

Amends the Railroad Incorporation Act. Makes a technical change in a Section concerning the incorporation of a company for the purpose of constructing and operating railroads.

A BILL FOR

AN ACT concerning transportation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Railroad Incorporation Act is amended by changing Section 1 as follows:

(610 ILCS 5/1) (from Ch. 114, par. 1)

Sec. 1. Any number of persons, not less than 5, may become an incorporated company for for the purpose of constructing and operating any railroad in this state, and all railroads or transportation companies authorized to be incorporated and transact business in this state by virtue of this Act, are hereby authorized and empowered to purchase, own, operate and maintain any railroad sold or transferred under order or powers of sale or judgment of, or sale under foreclosure of mortgage or deed of trust, and corporations heretofore organized under the provisions of the Act hereby amended, their successors or assigns, shall have and possess all the powers and privileges conferred by this Act.

(Source: P.A. 84-1308.)