Indiana Code Title 8. Utilities and Transportation § 8-4-7-4

Sec. 4. The board of directors of any such union company shall consist of not less than one (1) representative for each of the proprietary companies to be selected by the respective companies which they are to represent:  Provided, That the board may increase the number of directors by fixing the additional equal number of representatives to be selected for each proprietary company, and any successor in interest to one or more original proprietary companies shall be entitled to select the number of representatives so provided for each such company.  And such board of directors shall have power to construct, maintain and operate such union railroad, to regulate the use of its depots, stations, structures, appliances and facilities, and to regulate the time and manner in which engines, cars and other rolling stock shall pass or be hauled over its tracks, and the tolls, charges or compensation to be paid therefor.