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23-11-308. Bonds issued by leasing, purchasing, or consolidating corporation — Security for bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-11-308. Bonds issued by leasing, purchasing, or consolidating corporation — Security for bonds.
(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 executed by the corporation on any or all of its real, personal, or mixed property and upon its roadbed, rights-of-way, cars, locomotives, and other rolling stock and equipment, its machinery, tools, implements, fuel, material, and income, either within or without this state, and on all other things or property held or to be acquired for the construction, operation, or repair of the railroad or for the repair or replacement of any other equipment or appurtenances as a part and parcel of the railroad and as constituting with the railroad one (1) property and a continuous railroad line in order to secure the payment of the bonds or other evidences of debt. Included in the property subject to the mortgages or deeds of trust shall be the franchise of acting as and being a corporation and all other franchises, rights, and privileges granted by this act or in any way appertaining to the corporations as aforesaid.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-11-308
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.
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Stable record: arkansas_code:legal_authorities:23-11-308
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4733236adccf8ddaec6d286da0b2623c6dce66eb3b54f46cafc0bcf5f41e8196
Source location: content.xml paragraph 6358
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23-11-308. Bonds issued by leasing, purchasing, or consolidating corporation — Security for bonds.
(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 executed by the corporation on any or all of its real, personal, or mixed property and upon its roadbed, rights-of-way, cars, locomotives, and other rolling stock and equipment, its machinery, tools, implements, fuel, material, and income, either within or without this state, and on all other things or property held or to be acquired for the construction, operation, or repair of the railroad or for the repair or replacement of any other equipment or appurtenances as a part and parcel of the railroad and as constituting with the railroad one (1) property and a continuous railroad line in order to secure the payment of the bonds or other evidences of debt. Included in the property subject to the mortgages or deeds of trust shall be the franchise of acting as and being a corporation and all other franchises, rights, and privileges granted by this act or in any way appertaining to the corporations as aforesaid.
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Arkansas Code — all titles (historical 2020) · legal_authorities
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. The source passage cites 23-11-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
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 as may be convenient in operating the road.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-11-303
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. The source passage cites 23-11-303. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
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 and make joint stock with any connecting railroad company whether connected within or without this state or whose roads shall connect at the boundary line of this state and form one (1) company owning and controlling the continuous line of road. The new company shall have all the powers, rights, privileges, franchises, and immunities, and be subject to all the obligations and liabilities to the state, or otherwise, which belonged to or rested upon either of the companies making the consolidation and shall be subject and liable to all the contracts theretofore entered into by either of the corporations.
(b) In order to accomplish such a consolidation, the companies interested may enter into a contract, fixing the terms and conditions, which shall first be ratified and approved by two-thirds (2/3) in interest of all the issued capital stock held in such companies or roads proposing to consolidate. The vote for consolidation shall be taken at a meeting of the stockholders regularly called for the purpose after giving sixty (60) days' notice of the meeting by advertisement in some daily or weekly newspaper printed and published in Little Rock, Arkansas, and such other newspapers elsewhere as the boards of directors of the companies may deem expedient.
(c) The boards of directors of the several companies may then proceed to carry out the contract
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-11-306
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. The source passage cites 23-11-306. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-11-309. Stockholders' consent required for purchase of stock, lease, or consolidation.
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 has been called by the directors thereof, at such time and place and in such manner as the directors shall designate, after giving sixty (60) days' notice of the meeting by advertisement in some daily or weekly newspaper printed and published in Little Rock, Arkansas, and such other newspapers elsewhere as the board of directors shall deem expedient;
(2) The holders of two-thirds (2/3) of the issued capital stock of such companies have assented thereto in person or by proxy; and
(3) A certificate thereof signed by the president and secretary of the company or companies has been filed in the office of the Secretary of State.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-11-309
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. The source passage cites 23-11-309. This identifies an authority to review, not proof of applicability.