Arkansas Statutes
§ 23-11-301 — Authority of railroad to sell or lease road or property
Arkansas·Title 23
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.
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Legislative History
Acts 1881, No. 43, § 3, p. 79; C. & M. Dig., § 8526; Pope's Dig., § 11102; A.S.A. 1947, § 73-401.
Nearby Sections
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§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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