RS 45:616
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/la/title-45/45-287A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
RS 45:616
§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.