Every railroad corporation existing in this state, and having authority to operate and maintain a railroad in this state, has the power to consolidate with any other railroad corporation whose road connects with or intersects the road of such existing corporation, or any branch of such road.
The agreement of consolidation shall be in writing, and shall set forth the corporate name agreed upon, and the terms and conditions of the consolidation.
The consolidation shall not have effect until the terms and conditions of the agreement shall have been approved by a majority of the stockholders of each of the consolidating companies, at a regular annual meeting.
The agreement, together with the evidence of the stockholders’ approval, shall be filed and recorded in the office of the secretary of state.
The rights of creditors of the consolidating companies shall not be affected or impaired by such consolidation.
The corporation, formed by the consolidation of two (2) or more railroad corporations, shall have, possess, and exercise all the rights, powers, privileges, immunities, and franchises, and be subject to all the duties and obligations, not inconsistent with this chapter, conferred and imposed by the laws of this state upon such companies so consolidating, or […]
The corporation shall have power to: Fix the number of its directors and the time of their election; Fix the number, names, and duties of its officers; Pass bylaws for the government of the company, and the management of its affairs; Create and divide its capital stock into two (2) or more classes, including common […]
It is lawful for any railroad corporation, existing in this state under a general law, that now has under construction, or proposes to construct and operate and maintain, a railroad for the transportation as common carrier of persons and freights, to consolidate with any other railroad corporation that has under construction, or proposes to construct […]
