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23-11-309. Stockholders' consent required for purchase of stock, lease, or consolidation.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-11-309
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ce4a2ca40dfcf07cf92fa3b44f3172ce282214388869a084ac6a9bbb3ad711c0
Source location: content.xml paragraph 6371
Stored source content
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.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
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 other road with the road owned by the company furnishing the aid.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-11-304
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 23-11-304. This identifies an authority to review, not proof of applicability.