§ 62-291. New owners to meet and organize; special rule for railroads. - North Carolina Statutes

§ 62‑291.  Newowners to meet and organize; special rule for railroads.

(a)        The persons for whom the property and franchises have beenpurchased pursuant to G.S. 62‑290 shall meet within 30 days after thedelivery of the conveyance made by virtue of said judgment or decree, andorganize the new corporation, 10 days' written notice of the time and place ofthe meeting having been given to each of said persons. At this meeting theyshall adopt a corporate name and seal, determine the amount of the capital stockof the corporation, and shall have power and authority to make and issuecertificates of stock in shares of such amounts as they see fit. Thecorporation may then, or at any time thereafter, create and issue preferredstock to such an amount, and at such time, as they may deem necessary.

(b)        Whenever the purchaser of the real estate, track andfixtures of any railroad corporation which has heretofore been sold, or mayhereafter be sold, by virtue of any mortgage executed by such corporation orexecution issued upon any judgment or decree of any court, shall acquire titleto the same in the manner prescribed by law, such purchaser may associate withhim any number of persons, and make and acknowledge and file articles ofassociation as prescribed by this Chapter. Such purchaser and his associatesshall thereupon be a new corporation, with all the powers, privileges andfranchises and subject to all of the provisions of this Chapter.

(c)        When any railroad corporation shall be dissolved, or itsproperty sold and conveyed under any execution, deed of trust, mortgage orother conveyance, the owner or purchaser shall constitute a new corporationupon compliance with law. (1871‑2, c. 138, s. 5; Code, ss. 1936, 2005; 1901, c. 2, ss. 100,101, 102; Rev., ss. 1239, 1240, 2552, 2565; C.S., ss. 1222, 3462, 3463; 1955,c. 1371, s. 2; 1963, c. 1165, s. 1.)