Rs 45 616

RS 45:616 - Stockholders' approval of sale In order for a conventional sale of any railroad, its property, rights, and franchises to take place and be valid, it shall be approved and ratified by two-thirds of the capital stock of each of the contracting companies respectively, at a stockholders' meeting called for that purpose. The purchase by a railway corporation at judicial sale, shall be authorized and approved by two-thirds of the capital stock of the purchasing company, at a stockholders' meeting convened for that purpose. In either case, sixty days' public notice calling such meeting shall be given in a newspaper published at the domicile of each company.