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 […]
(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 […]
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 […]
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 […]
(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, […]
(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 […]
(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 […]
(a) For the purpose of carrying out and executing any or all of the powers granted in §§ 23-11-301, 23-11-303 — 23-11-306, 23-11-309, and 23-11-315, bonds or other evidences of debt may be issued by any leasing, purchasing, or consolidating corporation, not inconsistent with the Arkansas Constitution. (b) Mortgages or deeds of trust may be […]
No aid as provided in § 23-11-304 shall be furnished, nor shall any purchase, lease, subletting, consolidation, or arrangements be perfected, until: (1) A meeting of the stockholders of all the companies, parties to the agreement, whereby a railroad in this state may be aided, purchased, leased, sublet, consolidated, or affected by such an arrangement […]
(a) Articles of consolidation or purchase shall be signed by a majority of the directors of the respective companies and shall be filed and recorded in the office of the Secretary of State. (b) The articles of consolidation or purchase shall set forth the amount of the capital stock, the names of the officers of […]
(a) (1) No railroad or the lessees, purchasers, or managers of any railroad shall consolidate the stock, property, or franchises of the corporation with, nor lease or purchase the works or franchises of, nor in any way control any other railroad owning or having under its control a parallel or competing line, nor shall any […]
(a) When any two (2) railroad companies shall become consolidated under the laws of this state or when any railroad which has been wholly or partially constructed shall become the lawful purchaser or owner of another line which has not been constructed, the consolidated company, or company purchasing the unconstructed line, shall have all the […]
(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 […]
(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 […]
(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 […]
