Tennessee Code 65-6-130 – Acquisition of branches and extensions
Terms Used In Tennessee Code 65-6-130
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
All railroad companies existing under the laws of this state, or of this state and any other state or states, whose charter of incorporation is granted by this state, are empowered to acquire the line or lines of any other railroad company, either in this state or any other state or states, which may connect with and form parts or branches or extensions of the line of such company chartered by this state, or by this state and any other state or states; and are empowered to so acquire such branches or extensions by purchase, lease, or otherwise, and pay for the same by the issue of their own capital and bonds, or by guaranteeing those issued by the company whose line may be so acquired, purchased, or leased; but nothing in this section shall be construed to authorize the acquisition in any way by any corporation or company of parallel or competing lines.