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2018 Louisiana Laws
Revised Statutes
TITLE 45 - Public Utilities and Carriers
RS 45:616 - Stockholders' approval of sale
Universal Citation: LA Rev Stat § 45:616 (2018)
§616. Stockholders' approval of sale
In order for a conventional sale of any railroad, its property, rights, and franchises to take place and be valid, it shall be approved and ratified by two-thirds of the capital stock of each of the contracting companies respectively, at a stockholders' meeting called for that purpose. The purchase by a railway corporation at judicial sale, shall be authorized and approved by two-thirds of the capital stock of the purchasing company, at a stockholders' meeting convened for that purpose.
In either case, sixty days' public notice calling such meeting shall be given in a newspaper published at the domicile of each company.
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