Texas Vernon's Texas Civil Statutes - Article 6543. Merger
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Art. 6543. MERGER. Any corporation organized under the laws
of this State authorized to construct, acquire and operate electric
or other interurban lines of railway in this State, commonly known
as interurban railways, may acquire, lease or purchase the physical
properties, rights and franchise of any other railway corporation
having and possessing like power, or may lease or purchase physical
properties, rights and franchises of any suburban or street railway
corporation, the lines of whose railway are to be operated in
connection with the lines of the interurban railway, and may sell or
dispose of the physical properties, rights and franchise by such
corporation or person owning the same, to such corporation,
acquiring, leasing or purchasing same hereunder. Such acquisition
or purchase may be made upon such terms as may be agreed upon by the
respective boards of directors and authorized or approved by a
majority of the stockholders of such corporations, respectively.
Corporations owning and operating said street car railways before
making sale of its properties hereunder, shall obtain the consent
of the governing body of the city where such street car line may be
located; and, in cities and towns operating under any charter which
provides for the right of qualified voters to vote on the granting
or amending of franchise to street railways or interurban railways,
this right shall still exist. Any corporation authorized to
construct, acquire and operate electric or other interurban lines
of railway in this State, commonly known as interurban railways,
shall also have the power to make and enter into trackage or lease
contract with any corporation owning and operating street railways,
so as to procure continuous passage into or through such city or
town; provided, the governing body of the city or town shall
consent thereto; in such case, the owner of such street railways is
also authorized to enter into such trackage or lease contract. No
corporation named in this article shall ever be permitted to
acquire, own, control or operate any parallel or competing
interurban line. No such corporation shall be permitted to
purchase, lease, acquire, own or control, directly or indirectly,
the shares or certificates of stock or bonds, franchise or other
rights or the physical properties or any part thereof, of any other
corporation, if the same will violate any provision of the law
commonly known as the anti-trust law.
Acts 1st C.S. 1915, p. 31.
Article: 6538 6539 6540 6541 6541a 6541b 6542 6543 6544 6545 6546 6547 6548 6548a 6549
Last modified: August 10, 2007
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