Arkansas § 23-11-309 Stockholders' consent required for purchase of stock, lease, or consolidation

Arkansas Statutes

§ 23-11-309 — Stockholders' consent required for purchase of stock, lease, or consolidation

Arkansas § 23-11-309

Title23

This text of Arkansas § 23-11-309 (Stockholders' consent required for purchase of stock, lease, or consolidation) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-11-309 (2026).

Text

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 assent

Free access — add to your briefcase to read the full text and ask questions with AI

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.