{"data":{"id":"us-ok/okla.-stat.-tit.-66-66-8","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 66, § 66-8","heading":"Public Service Corporations - Capital stock - Indebtedness","body":"Public Service Corporations as defined by Section 34, Article\n\nIX, of the Constitution of the State of Oklahoma, may, by proper\n\ncorporate action, and for lawful corporate purposes, borrow, from\n\ntime to time, such sums of money at such rates of interest and upon\n\nsuch terms as may be deemed necessary or expedient and the total\n\namount of indebtedness of such corporation so created shall not in\n\nany way be limited by the amount of their subscribed capital stock,\n\nnor shall the total of said indebtedness affect in any way the right\n\nof such corporations to reduce or increase their capital stock. Such\n\ncorporations shall have the power to execute trust deeds, or\n\nmortgages, or both, as the occasion may require, on any of its\n\nproperty, or parts thereof, constructed or in process of\n\nconstruction, for amounts borrowed or owing by the corporation and\n\ntherein to make provisions granting, transferring, or mortgaging\n\ntheir railroad track, right-of-way, depot ground, rights,\n\nprivileges, franchise, immunities, exemptions, machine houses, power\n\nhouses, rolling stock, transmission lines, furniture, tools,\n\nimplements, appendages and appurtenances used in connection with\n\nsuch corporation's business in any manner whatever, then belonging\n\nto the corporation or which may thereafter belong to it, as security\n\nfor any bonds or evidence of debt therein mentioned, in such manner\n\nas the corporation or directors shall think proper, and such\n\ninstruments shall fully convey the same or so much thereof as shall\n\nbe therein described. In case of sale by virtue of any such trust\n\ndeed or upon foreclosure of any such mortgage, the persons acquiring\n\ntitle under such sale and their associates, successors and assigns,\n\nor such corporation as they organize, according to law, with all the\n\npowers conferred upon corporations by this article, shall thereafter\n\nhave, exercise and enjoy all such described grants which were\n\npurchased at such sale, including all rights, privileges, grants,\n\nfranchises, immunities and advantages mentioned in such instruments\n\nwhich were possessed by such corporation making the same or\n\ncontracting such debt, so far as the same relate or appertain to\n\nthat portion of property granted or mortgaged and purchased at such\n\nsale and no further, as fully and absolutely in all respects as such\n\ncorporation, its shareholders, officers and agents might have done\n\nif such sale had not taken place. And whenever the person so\n\nacquiring title under any such sale shall own or represent a\n\nmajority in amount of the bonds or other evidence of debt secured by\n\nany such trust deed or mortgage, and shall also include the persons\n\nwho owned at the time of the sale, a majority in amount of the\n\ncapital stock of such mortgage or corporation, such purchasers and\n\nsuch corporation as they shall organize as aforesaid, shall also\n\nhave, possess and enjoy any exemption, privileges or immunity\n\npreviously granted by any law to such former corporation relating to\n\nany of the property so acquired, to the same extent as if such\n\nlatter corporation had been named in such law as the grantee\n\nthereof.\n\nR.L. 1910, § 1383; Laws 1923-24, c. 90, p. 108, § 1, emerg. eff.\n\nMarch 22, 1924.","path":["OK Code","Title 66"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os66.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5fa07ca7c6dd36e3fea5cca8ff8fc9589249a40a2dfaaa683bb4bfdf04e6999a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-66-66-7.1","next":"us-ok/okla.-stat.-tit.-66-66-82"},"notice":"GroundRules: Original legal text. Not legal advice."}