§ 40-20-108 — Purchase or lease of other lines - sale

Any railroad company
owning or operating, or formed to own or operate, a line of railroad in this state may
lease or purchase other lines of railroad within or without this state which shall
connect with the road operated or to be operated by such company, directly or by
means of any other line which such company has the right by contract or otherwise,
when constructed, to use or operate, and may acquire and may hold the obligations
and stock of other companies owning or operating any such line of railroad which
such company is so authorized to lease or purchase or with which, under the laws of
the state of Colorado, it may be authorized to consolidate, and any railroad
corporation may lease or sell its line of railroad to any other company authorized to
lease or purchase the same. No line of railroad shall be so leased, purchased, or
sold until a meeting of the stockholders of the companies party to such agreement
of lease or sale has been called for that purpose in such manner as provided for the
annual stockholders' meeting, and the holders of at least two-thirds of the stock of
such companies consent thereto or, in the case of a foreign corporation, unless the
consent thereto of the stockholders has been obtained to the extent required and in
the manner provided by the laws of the place of incorporation. Nothing in this
section shall be deemed to authorize the lease, purchase, or sale of competing or
parallel lines or to exclude the jurisdiction of this state over the control or
regulation of all railroads or parts of the same as are situated within the boundaries
of this state.

Legislative History

Source: L. 1899: p. 313, � 1. R.S. 08: � 5418. C.L. � 2821. L. 27: p. 580, � 1. CSA: C. 139, � 7. CRS 53: � 116-1-8. C.R.S. 1963: � 116-1-8.