Section 65-7-101 - Power of locality to become stockholder

Any county, incorporated city, or town may become a stockholder in any railroad company incorporated under the general laws of this state, to an amount not exceeding, in the aggregate, one-tenth (1/10) of its taxable property, by complying with the requirements of this chapter.Acts 1887, ch. 3, § 1; Shan., § 1558; Code 1932, § 2612; T.C.A. (orig. ed.), § 65-701.