69-14-514. Interrailroad business arrangements and out-of-state operations.
69-14-514. Interrailroad business arrangements and out-of-state operations. (1) Any railroad company incorporated pursuant to the laws of this state, the United States, or 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 or without this state and may take, purchase, hold, sell, and dispose of or guarantee the payment of the capital, stock, bonds, and securities of any other railroad corporation whose line of railroad within this state is continuous of or connects with its own line.
(2) Any company owning or operating a railroad within this state may:
(a) extend the same into any other state or territory;
(b) build, buy, lease, or consolidate with any railroad or railroads in such other state or territory;
(c) operate the same; and
(d) 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.
(3) Such purchase, sale, consolidation with, or lease may be made or such aid furnished upon such terms or 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.
(4) 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 section, such corporation shall file with the secretary of state a true copy of its charter or articles of incorporation.
History: En. Sec. 1, p. 157, L. 1893; re-en. Sec. 923, Civ. C. 1895; re-en. Sec. 4299, Rev. C. 1907; re-en. Sec. 6531, R.C.M. 1921; re-en. Sec. 6531, R.C.M. 1935; R.C.M. 1947, 72-229; amd. Sec. 47, Ch. 43, L. 1979.