CHAPTER 59

CORPORATIONS

POWERS OF RAILROAD TO BORROW MONEY

AN ACT TO AMEND CHAPTER 65 OF THE REVISED CODE OF DELAWARE, 1935, AS AMENDED, ENTITLED "CORPORATIONS," WITH REFERENCE TO THE POWER OF A RAILROAD TO BORROW MONEY.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Chapter 65 of the Revised Code of Delaware, 1935, as amended, be and the same is hereby further amended, by striking out and repealing all of 2172. Sec. 140. thereof and inserting and enacting in lieu of the parts so stricken out a new 2172. Sec. 140., as follows:

2172. Sec. 140. POWER TO BORROW MONEY; USURY MAY NOT BE PLEADED: Any corporation organized under this Chapter for the construction and operation of a railroad shall have power to borrow sums of money from time to time for any corporate purpose, and evidence such indebtedness by the execution, negotiation and sale of any bonds, debentures, notes or any other appropriate evidence of indebtedness, and secure the same, if deemed advisable, by any mortgage or mortgages upon its corporate property and franchises; provided that said corporation shall not plead any statute or statutes against usury in any court of law or equity in any suit instituted to enforce the payment of any bond or mortgage executed under the provisions of this Section.

Approved May 12, 1949.