§ 37-9-106 — Aid to other companies; extension outside of state; sale or lease to other railroads permitted; foreign railroads; taxation

Wyoming § 37-9-106

• Jurisdiction: Wyoming
• Title 37: Public Utilities
• Ch. 9: RAILROADS
• Art. 1: ORGANIZATION; BONDS; CONSOLIDATION

Text

Any railroad company now or hereafter incorporated pursuant to
the laws of this state, or of the United States, or of any state
or territory of the United States, may at any time, by means of
subscription to the capital stock of any other railroad company,
or by the purchase of its stock or bonds, or by guaranteeing its
bonds, or otherwise, aid such company in the construction of its
railroad within and without this state; and any company owning
or operating a railroad within this state may extend the same
into any other state or territory, and may build, buy, lease, or
may consolidate with any railroad or railroads in such other
state or territory, or with any other railroad in this state and
may operate the same, and may own such real estate and other
property in such other state or territory as may be necessary or
convenient in the operation of such road; or any railroad
company may sell or lease the whole or any part of its railroad
or branches within this state, constructed or to be constructed,
together with all property and rights, privileges and franchises
pertaining thereto, to any railroad company organized or
existing pursuant to the laws of the United States or of this
state or of any other state or territory of the United States;
or any railroad company incorporated or existing under the laws
of the United States, or of any state or territory of the United
States, may extend, construct, maintain and operate its
railroad, or any portion or branch thereof, into and through
this state, and may build branches from any point on such
extension to any place or places within this state; and the
railroad company of any other state or territory, or of the
United States, which shall so purchase or lease a railroad or
any part thereof in this state, or shall extend or construct its
road or any portion or branch thereof in this state, shall
possess and may exercise and enjoy, as to the control,
management and operation of the said road, and as to the
location, construction and operation of any extension or branch
thereof, all the rights, powers, privileges and franchises
possessed by any railroad corporations organized under the laws
of this state, including the exercise of the power of eminent
domain. Such purchase, sale, consolidation with, or lease may be
made or such aid furnished upon such terms and conditions as may
be agreed upon by the directors or trustees of the respective
companies; but the same shall be approved or ratified by persons
holding or representing a majority in amount of the capital
stock of each of such companies, respectively, at any annual
stockholders' meeting or at a special meeting of the
stockholders called for that purpose, or by approval in writing
of a majority in interest of the stockholders of each company
respectively; provided, that nothing in the foregoing provisions
shall be held or construed as curtailing the right of this state
or of the counties through which any such road or roads may be
located to levy and collect taxes upon the same and upon the
rolling stock thereof in conformity with the provisions of the
laws of this state upon that subject; and all roads and branches
thereof in this state, so consolidated with, purchased or
leased, or aided or extended into this state, shall be subject
to taxation and to regulation and control by the laws of this
state, in all respects the same as if constructed by
corporations organized under the laws of this state; and any
corporation of another state or territory, or of the United
States, being the purchaser or lessee of a railroad within this
state or extending its railroad or any portion thereof into or
through this state, shall establish and maintain an office or
offices in this state at some point or points on its line, at
which legal process and notice may be served as upon railroad
corporations of this state; provided, further, that before any
railroad corporation organized under the laws of any other state
or territory or of the United States shall be permitted to avail
itself of the benefits of this act [section], such corporation
shall file with the secretary of state a true copy of its
charter or articles of incorporation. Any consolidation by sale
or otherwise, or any lease or agreement to sell, consolidate
with or lease the whole or any part of any railroad and its
branch lines, organized under the laws of Wyoming with the
franchises appertaining thereto, to any railroad company
organized or existing under the laws of the United States or of
Wyoming or any other state or territory, or any consolidation
between such companies organized under the laws of the United
States or of Wyoming or any other state or territory, and a
corporation organized under the laws of Wyoming executed prior
to February twenty-seventh, A.D. 1890, by the proper officers of
the companies, parties to such sale, lease or consolidation or
contract, is hereby legalized and made in all respects valid and
binding from the date of its execution.