Indiana Code Title 8. Utilities and Transportation § 8-1-2-82

Sec. 82. Any person or association of persons other than an existing public service corporation, which is or may become the owner or assignee of the rights, powers, privileges and franchises of any public utility created or organized by or under the law of this state, by purchase under a mortgage sale, sale in bankrupt proceedings, or sale under any judgment, order, decree or proceedings of any court in Indiana, including the courts of the United States sitting in Indiana, shall within sixty (60) days after such purchase or assignment, organize anew by filing articles of incorporation as provided by law, and upon filing the articles of incorporation shall have the rights, privileges and franchises which such utility had, or was entitled to have, at the time of such purchase and sale.  The new corporation may issue stock, certificates of stock, bonds, notes or other evidences of indebtedness for the property of the former corporation thus acquired, in an amount not to exceed the true value of such property, as found and determined by the commission, in accordance with this chapter.