(610 ILCS 5/5) (from Ch. 114, par. 5)
Sec. 5.
No such corporation shall be formed to continue more than 50 years
in the first instance, but any railroad company formed under any law of the
state may be renewed from time to time, for periods not longer than 50
years: Provided, that three-fourths of the votes cast at any regular
election for that purpose shall be in favor of such renewal, and those
desiring a renewal shall agree to purchase the stock of those opposed
thereto at its current value.
Whenever any such election is held by any railroad company, a
certificate, showing the proceedings of the meeting and verified by the
president or a vice president of the corporation and the secretary thereof,
with the seal of the corporation, shall be filed and recorded in the office
of the Secretary of State within 30 days after the meeting, and upon the
filing of such certificate and the payment of the same fees as is provided
for in the "Business Corporation Act of 1983", as amended,
for filing articles of amendment and issuing a certificate of amendment,
and the payment of recording fees as required for recording any other
document in the office of the Secretary of State, the duration of such
corporation shall thereby be extended, in accordance with the vote of the
stockholders, for an additional period not longer than 50 years: Provided,
in case where such renewal is of any railroad company previously
incorporated under a special act of the Legislature, then such renewal and
extension of such company shall be under and subject to all the provisions
of the general laws of this state relating to railroads, and such company
shall have such powers only as provided for in this act.
(Source: P.A. 83-1362.)
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