§ 3478 - Organization of railroad corporations; continuation of existing corporations - Vermont Statutes

§ 3478. Organization of railroad corporations; continuation of existing corporations

(a) Notwithstanding section 3.01(b)(4) of Title 11A, a corporation for the purpose of owning or operating a railroad may be organized under the general laws of this state in the same manner as other corporations.

(b) Any domestic railroad corporation in existence on the effective date of this act shall continue in existence and shall not be required to file new or amended articles of incorporation or to obtain a new or amended charter to continue its corporate existence.

(c) Any foreign railroad corporation authorized to do business in this state on the effective date of this act shall continue to be authorized to do business in this state, and shall not be required to obtain a new or amended certificate of authority.

(d) A domestic railroad corporation formed by voluntary association and a domestic railroad corporation chartered by the general assembly, where the power to amend or repeal the charter was reserved by the general assembly, shall be subject to the provisions of Title 11A, as the same may be amended from time to time, except in the case of an unambiguous inconsistency with a specific statute pertaining expressly to railroads or railroad corporations.

(e) A domestic railroad corporation chartered by the general assembly, where the power to amend or repeal the charter was not reserved by the general assembly, shall be subject to the provisions of Title 11A, as the same may be amended from time to time, except in the case of an unambiguous inconsistency with a specific statute pertaining expressly to railroads or railroad corporations or with a provision of the corporation's charter. (Added 1993, No. 172 (Adj. Sess.), § 46.)