California Assembly Bill AB2497 Latest Draft

 BILL NUMBER: AB 2497INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Furutani FEBRUARY 19, 2010 An act to amend Section 7508 of the Public Utilities Code, relating to railroad corporations. LEGISLATIVE COUNSEL'S DIGEST AB 2497, as introduced, Furutani. Railroad corporations. Existing law, subject to specified statutes, authorizes any railroad corporation, or person or corporation owning any railroad in this state, to 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. Existing law authorizes the railroad corporation receiving the conveyance to perform specified functions as if the corporation was organized under the laws of this state. This bill would make technical, nonsubstantive changes to these provisions. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 7508 of the Public Utilities Code is amended to read: 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   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   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  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   state  .