§ 23-11-313. Debts of purchased or consolidated companies — Claims
(a) (1) Whenever any railroad company, corporation, or individual purchases any railroad from any other railroad company, corporation, or individual, the company, corporation, or individual purchasing shall take and hold the railroad subject to all debts, liabilities, and obligations of the company from which the road was purchased. (2) Whenever any two (2) or more […]
§ 23-11-314. Forfeiture of lease — Ouster
(a) The franchise and all charter rights whatsoever of any railroad company in and to all railroad, roadbed, bridge, depot, or other railroad property, as well as the possession of, and right to operate, which may have been acquired by the railroad under and by virtue of any lease, shall be forfeited and the railroad […]
§ 23-11-315. Corporations formed to purchase or lease railroads — Stock issued in payment deemed fully paid shares
(a) Subject to the provisions of Acts 1959, No. 30, corporations may be formed for the purpose of purchasing or leasing the whole or any part of any railroad, and that purpose or object shall be stated in the application and articles of incorporation. (b) All shares of stock issued in payment of the purchase […]
§ 23-11-301. Authority of railroad to sell or lease road or property
Every railroad corporation incorporated under the laws of this state whose road is wholly or in part constructed and operating is authorized to sell, lease, or otherwise dispose of the whole, or any part, of its roadways, and rights-of-way, with the franchises thereto belonging, and its other property to any connecting railroad company or to […]
§ 23-11-302. Authority to sell or lease road or property to connecting foreign railroad — Authority to acquire other railroads — Ratification
(a) Subject to the approval thereof by the Arkansas Department of Transportation under such rules 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 […]
§ 23-11-303. Construction, purchase, or lease of railroad in adjoining state authorized
Any railway company which may have built its road to the boundary line of the state may extend into the adjoining state and for that purpose may build, buy, or lease a railroad in the adjoining state and operate the railroad. The company may own such real estate and other property in the adjoining state […]
§ 23-11-304. Formation of connecting lines — Aid to construction of other railroad authorized
Any railroad company heretofore incorporated or hereafter organized, in pursuance of law, may aid any other company at any time, by means of subscription to the capital stock of the other railroad company, or otherwise, in the construction of its railroad within or without the state for the purpose of forming a connection to the […]
§ 23-11-305. Consolidation when lines connect at state boundary line
(a) Any railroad companies organized under the laws of this state whose roads connect at the boundary line of this state are authorized to consolidate and form one (1) company owning and controlling the consolidated line of road, with all the powers, rights, privileges, immunities, and franchises, and subject to all the obligations and liabilities, […]
§ 23-11-306. Consolidation of two or more railroad companies to effect continuous line
(a) Any two (2) or more railroad companies in this state, existing under either general or special laws, owning railroads which are constructed wholly or in part and which, when completed and connected, will form one (1) continuous line of railroad continuing and running in the same general direction are authorized to consolidate their stock […]
§ 23-11-307. Consolidation with foreign corporation
(a) Any corporation formed under the laws of this state and chartered thereby may consolidate with any corporation of any adjoining state in the manner provided by law. (b) The consolidated corporation shall become, be, and remain a corporation of this state and amenable to its laws and courts. (c) (1) No such consolidation shall […]