§ 39-6-26 - Right of purchaser to convey to corporation. - Rhode Island Statutes

SECTION 39-6-26

   § 39-6-26  Right of purchaser to convey tocorporation. – Any purchaser of any railroad or street railway, and of any correspondingproperty, rights, privileges, and franchises, shall have the right and ishereby authorized and empowered to sell, assign, transfer, and convey all andeach railroad or street railway and the property, rights, privileges, andfranchises so purchased by him or her to any legally organized corporation dulycreated and empowered to construct, maintain, and operate a railroad or streetrailway, and to purchase, maintain, operate, and use any railroad or streetrailway, and the property, rights, privileges, and franchises, upon such termsand conditions as may be mutually agreed upon between the purchaser and thecorporation; and the person so selling any railroad or street railway and theproperty, rights, privileges, and franchises to the corporation, may receive inpayment for the railroad or street railway the stock or bonds of thecorporation at not less than the par value thereof.