SECTIONS 7503-7508 - California Statutes

PUBLIC UTILITIES CODE

SECTION 7503-7508

7503. Any person or any corporation formed under the laws of this
State or of any other state within the United States that the
directors of a railroad corporation may by unanimous concurrence
select, may be trustees in any deed of trust securing bonds,
debentures, notes, and evidences of indebtedness issued by such
railroad corporation.

7505. (a) Revenue derived from passenger rail service on the
Northwestern Pacific Railroad right-of-way south of Willits to
Larkspur shall only be used for capital improvements to, and
operating expenses of, the passenger rail service south of Willits to
Larkspur.
(b) Real property on which the Northwestern Pacific Railroad
right-of-way south of Willits to Larkspur is located shall not be
pledged or mortgaged to fund capital improvements on the right-of-way
north of Willits.

7508. Subject to the provisions of Part 1 of Division 1 and of the
Corporations Code, any railroad corporation, or person or corporation
owning any railroad in this State, may sell, convey, and transfer
its property and franchises, or any part thereof, to any other
railroad corporation, whether organized under the laws of this State
or of any other state or territory, or under any act of Congress. The
railroad corporation receiving the conveyance may hold and operate
the railroad franchises and property within this State, build and
operate extensions and branches thereof, exercise the right of
eminent domain for such purposes, and do any other business in
connection therewith, as fully and effectually as if the corporation
was organized under the laws of this State.