§ 23-11-309 - Stockholders' consent required for purchase of stock, lease, or consolidation. - Arkansas Statutes

23-11-309. Stockholders' consent required for purchase of stock, lease, or consolidation.

No aid as provided in 23-11-304 shall be furnished, nor shall any purchase, lease, subletting, consolidation, or arrangements be perfected, until:

(1) A meeting of the stockholders of all the companies, parties to the agreement, whereby a railroad in this state may be aided, purchased, leased, sublet, consolidated, or affected by such an arrangement has been called by the directors thereof, at such time and place and in such manner as the directors shall designate, after giving sixty (60) days' notice of the meeting by advertisement in some daily or weekly newspaper printed and published in Little Rock, Arkansas, and such other newspapers elsewhere as the board of directors shall deem expedient;

(2) The holders of two-thirds (2/3) of the issued capital stock of such companies have assented thereto in person or by proxy; and

(3) A certificate thereof signed by the president and secretary of the company or companies has been filed in the office of the Secretary of State.