Louisiana Revised Statutes 45:616 – Stockholders’ approval of sale
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Terms Used In Louisiana Revised Statutes 45:616
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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.