Table V.-CONDITIONS OF RAILROAD INCORPORATION-Continued. Table V.-CONDITIONS OF RAILROAD INCORPORATION-Continued. Table V.-CONDITIONS OF RAIL G.-Corporate powers relative to alteration of provisions of incorporation, consolidation, Consolidation, merger, lease, purchase, etc. Railroads, when continuous or connecting, may consolidate to form a When foreign railroad owns or operates a line in State, it may purchase Any railroads (not competing), having either terminus in State, may consolidate with consent of three-fourths stock of each (317; 318); any railroad may lease or use track of any connecting line (308; 317); railroad can not exchange stocks or bonds for stocks or bonds of any other railroad (P. C. 878). Railroad may purchase or lease any railroad connecting directly or indi- Domestic railroads may consolidate with consent of majority of stock of each (6182); also domestic railroads with foreign connecting railroads with consent of two-thirds stock of each (6314-15-19-28), but the consolidated corporation is to be domestic (6328); domestic railroad may purchase or lease any other railroad (6182), or may buy its stocks or bonds, and vice versa (6321-2-4-8; 6342); a railroad may sell out to any corporation organized to purchase it (6338); purchasers at judicial sale may incorporate (6178); but consolidation, purchase, lease, or control of parallel lines forbidden (C. XVII, 4; 6302). 1901 1902 Railroads may consolidate, with written consent of three-fourths stock (473; also 1901-327); any railroad may lease or make operating contracts with any other (491; also 1901-369); but railroad may not exchange its stocks or bonds for those of another corporation (IV, 560); franchise of railroad may be sold under execution (388). Any corporation owning a railroad in California may sell its property and franchises to any foreign or domestic railroad (178). ..do.. Any domestic or foreign railroads (not parallel, or controlling a parallel line) may consolidate into one corporation (604-10; 631), which shall be domestic so far as part in State is concerned (C. XV, 14; 609); domestic or foreign railroads may lease any railroad (611-2); companies may be organized to purchase railroads at judicial sale (614-5); consolidation of parallel lines forbidden (C. XV, 5). 625 Any domestic or foreign railroad may purchase part or all of any con- Railroad extending to, or beyond, State line may consolidate with connecting railroads of other States with consent of two-thirds stock of each (3443), but no parallel lines may consolidate (3443); railroad may lease or be leased by any other railroad (3472); no other railroad shall hold stocks or bonds of railroad under general laws of Connecticut (3442); at least six directors of consolidated companies must be citizens of State (3449). Purchasers of railroad at judicial sale may incorporate by filing certificate with secretary of state (812). do. |