§ 10A-21-2.11 — Conveyance of Franchises, Rights, Roadbed, and Property to Another Railroad Corporation

Alabama § 10A-21-2.11

• Jurisdiction: Alabama
• Title 10A: Alabama Business and Nonprofit Entities Code
• Ch. 21: Certain Powers, Rights, and Duties of Corporations
• Art. 2: Corporate Powers of Eminent Domain

Text

Whenever all the capital stock of a railroad corporation formed under this title is owned by a railroad corporation chartered under the laws of this state or another state, the corporation may sell and convey to the corporation owning its stock all its franchises, rights, roadbed, and property; but the purchasing company, if a foreign corporation, shall keep an office in this state and an agent thereat, service of process upon the agent shall be service upon the purchasing company. The railroad so purchased shall be in all respects subject to the laws of this state as if owned by a domestic corporation, and all liens and rights of creditors shall be preserved unimpaired.

Legislative History

(Code 1907, §3495; Code 1923, §7029; Code 1940, T. 10, §84; §10-5-10 amended and renumbered by Act 2009-513, p. 967, §358.)