23-11-301. Authority of railroad to sell or lease road or property.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-11-301. Authority of railroad to sell or lease road or property.

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 any railroad corporation organized under the laws of this state, upon such terms and conditions as may be agreed upon by the board of directors of the corporation and ratified by a two-thirds (2/3) vote of the issued capital stock thereof, and is authorized to receive the bonds or stock of the purchasing corporation in whole or in part payment of the purchase.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-11-301

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.