§ 65-6-101 — Acquisition or construction of railroads - Acquisition and disposition of stocks or bonds

All railroad companies of this state, and any other state or states, are empowered to build, lease or let, acquire by purchase, lease, or otherwise, and operate, hold, or dispose of any railroad or railroads in any state or states, or any parts or portions of any such railroad or railroads, and the distribution thereof, as may be determined by their stockholders, and to acquire by purchase or otherwise, and hold or dispose of any bonds or shares of the capital stock of any railroad company or companies in any state or states, and to endorse and guarantee the bonds of any railroad company or companies in any state or states, whose original charter of incorporation was granted by the state; provided, that the same should be approved by a vote of the holders of a majority of all of the outstanding shares entitled to vote thereon or upon receiving two-thirds (2/3) of the votes which members present or represented at such meeting are entitled to cast, at a regular or called meeting of the stockholders of the company; and provided further, that ten (10) days' notice be given in a Memphis, Knoxville, Chattanooga and Nashville daily newspaper, of the time, place, and purpose of the meeting.

Legislative History

Acts 1881, ch. 9, § 2; 1891, ch. 61, § 1; Shan., § 1540; Acts 1921, ch. 71, § 1; Code 1932, § 2610; T.C.A. (orig. ed.), § 65-601; Acts 1984, ch. 739, §§ 1, 2.