§ 45:385 — Conversion of principal due on bonds into stock

The president and directors of any company may confer on the holder of any bonds issued for money for the use of the company the right to convert the principal due into the stock of the company at any time, not exceeding ten years from the date of the bonds, under such regulations as the president and directors may adopt, but nothing in this Section shall be construed to authorize an increase in the capital stock of any railroad company.