Section 23-11-315 - Corporations formed to purchase or lease railroads - Stock issued in payment deemed fully paid shares

(a) Subject to the provisions of Acts 1959, No. 30, corporations may be formed for the purpose of purchasing or leasing the whole or any part of any railroad, and that purpose or object shall be stated in the application and articles of incorporation.(b) All shares of stock issued in payment of the purchase shall be deemed to be fully paid shares.Acts 1881, No. 43, § 3, p. 79; C. & M. Dig., §§ 8527, 8528; Pope's Dig., §§ 11103, 11104; Acts 1959, No. 30, § 19; A.S.A. 1947, § 73-402.