(a) Subject to the approval thereof by the Arkansas State Highway and Transportation Department under such rules and regulations for procedure as it may establish and a determination that such action will be in the public interest, any railroad corporation in this state may sell or lease its road, property, and franchise to any other railroad corporation duly organized and existing under the laws of any other state or territory whose line of railroad shall so connect with the leased or purchased road by bridge, ferry, or otherwise as to practically form a continuous line of railroad.
(b) Any railroad corporation in this state may buy or lease or otherwise acquire any railroad with all the property, rights, privileges, and franchises thereto pertaining, or buy the stock and bonds, or guarantee the bonds of any railroad corporation incorporated or organized within or without this state whenever the roads of the companies form in the operation thereof a continuous line or lines.
(c) Before any such lease or sale is valid, it must be approved and ratified by persons holding or representing two-thirds (2/3) of the capital stock of each of the companies respectively, at a stockholders' meeting called for that purpose.
Section: 23-11-302 23-11-303 23-11-304 23-11-305 23-11-306 23-11-307 23-11-308 23-11-309 23-11-310 23-11-311 23-11-312 23-11-313 23-11-314 23-11-315 NextLast modified: November 15, 2016