§ 58-17-340 — Formation of corporation following purchase of railroad by virtue of mortgage or deed of trust by filing certificate.

In case of the sale of any railroad situated wholly or partly within this State, by virtue of any mortgage or deed of trust, whether under foreclosure or other judicial proceeding or pursuant to any power contained in such mortgage or deed of trust, the purchaser thereof or his survivor representatives or assigns may, together with his associates, if any, form a corporation for the purpose of owning, possessing, maintaining and operating such railroad, or such portion thereof as may be situated within this State, by filing in the office of the Secretary of State a certificate specifying the name and style of such corporation, the number of its directors, the names of its directors and the period of their services, not exceeding one year, the amount of the capital stock of such corporation and the number of shares into which it is to be divided. But nothing herein contained shall be construed to authorize in any manner the purchase or lease of such railroad by any railroad corporation or steamship company chartered either by this or any other state except as herein provided.

Legislative History

HISTORY: 1962 Code SECTION 58-904; 1952 Code SECTION 58-904; 1942 Code SECTION 8276; 1932 Code SECTION 8221; Civ. C. '22 SECTION 4785; Civ. C. '12 SECTION 3116; Civ. C. '02 SECTION 2042; G. S. 1420; R. S. 1610; 1881 (17) 793; 1889 (20) 377.