(a) A railroad may incorporate under any of the following:

1. (1) Before July 1, 2017, this chapter.
2. (2) The Indiana Business Corporation Law ( IC 23-1 ) (before its repeal).

3. (3) Any other applicable statute.

   After June 30, 2017, a railroad may not incorporate under this chapter.

(b) Any number of persons, not less than fifteen (15), being subscribers to the stock of any contemplated railroad may be formed into a corporation for the purpose of constructing, owning, and maintaining such railroad by complying with the following requirements:

1. (1) Whenever stock to the amount (measured by the consideration to be received therefor) of at least fifty thousand dollars ($50,000), or one thousand dollars ($1,000) for each and every mile of the proposed road, shall have been subscribed, the subscribers to such stock shall elect directors for such company from their own number and shall severally subscribe articles of association in which shall be set forth the following:

   1. (A) The name of the corporation.
   2. (B) The total number of shares into which its authorized capital stock is to be divided.
   3. (C) Whether all or part of said shares are to have a par value and if so, the number and par value of such shares.
   4. (D) Whether all or part of said shares are to be without par value and if so, the number of such shares.
   5. (E) The consideration for which the company may issue and sell its shares without par value or authorization to the board of directors to fix such consideration from time to time.
   6. (F) If said shares are to be divided into classes or kinds, the designations of the different classes, the number and par value, if any, of the shares of each class, and a statement of the relative rights, preferences, limitations, restrictions, and voting rights of each class.
   7. (G) The number of directors and their names to manage the affairs of the company.
   8. (H) The names of the place from which and the place to which the proposed road is to be constructed and each county into which or through which it is intended to pass.
   9. (I) Its length as near as may be.

2. (2) Each subscriber to such articles of association shall state the subscriber's place of residence and the number and class (if there be more than one (1) class) of shares taken by the subscriber in such company.

   Formerly: Acts 1852, 1RS, c.83, s.1; Acts 1933, c.101, s.7. As amended by P.L.75-1990, SEC.1; P.L.146-2017, SEC.5.