2018 Louisiana Laws
Revised Statutes
TITLE 45 - Public Utilities and Carriers
RS 45:673 - Acquisition of railroad property; stockholder's approval
§673. Acquisition of railroad property; stockholder's approval
In order for a conventional sale, lease or grant or use of any portion of any railroad, property, rights and franchises, to take place and be valid, it shall first be approved and ratified by two-thirds of the capital stock of each of the contracting companies at a stockholders meeting called for the purpose, after public notice of thirty clear days by advertisement in a newspaper published at the domiciles of the respective companies in the manner provided by law for judicial sales, calling the meeting of the stockholders of the contracting companies. The purchase at judicial sale shall be authorized and approved by two-thirds of the capital stock of the street railway company, at a stockholders meeting convened for that purpose, after thirty days public notice of the meeting has been given in a newspaper published at the domicile of the purchasing company, in the manner provided by law for judicial sales.
