In its first operating round a Minor Company doesn't have a train and has insufficient funds to buy one, so it has to take a loan to buy a train. Can it take multiple loans sufficient to buy 2 trains, or is it only allowed to take the minimum loans required to purchase a single train?

Trains are bought one at a time. Once you buy the first one, you're not eligible to take loans to buy one, since you have a train.

Dan is correct. The only time that loans may be taken to buy a train is if a company does not currently own a train.

Also, loans only provide net 45 income, minor companies can only have 2 loans, and the cheapest train costs 100. Thus, if a minor company needed the first loan to buy the first train, the second loan wouldn't provide enough income to buy the second train.

Recall as well, paying interest on loans must come before a train by, and if there is sufficient cash in the company, a loan must be paid off in 1861.

However, as an interesting twist on this, I have been told there is a ruling, though I have not seen this written personally, that a company may buy a train from another company at a mutually agreed upon price, for as little as R1--even if the buying company still has loans outstanding, and not enough cash to pay off the loans.

And as an entirely theoretical note, since this is probably a really bad idea in practice, but since Public Companies can be started in Phase 4 at a share price as low as R70, which would require at least R140 put into the company (to buy only the Director's Share), and then take out five loans for a net of R225, this theoretical company could buy a 4 Train and have R15 left over. Which means it would need to tie into the network with only 2 tile lays, since it cannot obtain the necessary R20 for an extra tile lay. If it did not, the second time it operates, it would be nationalized for inability to pay the interest on the loans--and moved left/down a total of six times (once for not paying out, and once for each of the loans)--now that is destroying shareholder value!

I'm not sure why you would need a ruling. Companies are required to take all actions in the OR in strict order according to the rules.

· Optionally redeem shares.
· Optionally lay or upgrade track.
· Optionally place one Station Marker.
· Run Train(s) to establish earnings.
· Optionally pay dividends, or retain revenue; adjust share price.
· Pay Loan interest on old Loans.
· Redeem Loans.
· Buy Train(s), usually optionally but sometimes compulsorily.

At the "Buy Train(s)" stage, there is no requirement to avoid spending money (necessarily 49 rubles or less) simply because a company is in possession of a loan.

Similarly, a company with 5 loans and 20 rubles could spend 20 rubles laying track, in anticipation of earning sufficient funds during the "Run Train(s)" step to pay interest.