49-34-9. Power to borrow money and give security--Resolution of board of directors. Any corporation organized under the provisions of chapter 49-33 may, from time to time, borrow such sums of money at such rates of interest and upon such terms as the corporation or board of directors shall agree and authorize, and shall have power to execute trust deeds or mortgages, or both, as occasion may require, on any or all of its property for any amounts borrowed or owing by the corporation and therein to make provisions granting, transferring, or mortgaging its railroad tracks, right-of-way, powerhouses, shops, barns, depot grounds, right, franchises, exemptions, rolling stock, furniture, tools, equipment, and appurtenances, used in connection with the business of such corporation in any manner whatever, then belonging to such corporation or which it may thereafter acquire as security for any bonds or evidences of debt therein mentioned in such manner as the corporation or its directors shall think proper and shall by resolution direct, and such instrument shall fully convey the same as therein described.
Source: SDC 1939, § 52.1516; SL 1947, ch 237.
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