Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-03-19
RELATING TO RAILROADS.
III

AN ACT to authorize any railroad company to
lease, purchase, or in any way become
owner Of, or to control, any other railroad
corporation, or to consolidate Herewith.
Be it enacted by the Legislature of the State OF
Minnesota.
Section 1. Any railroad corporation, either
domestic or foreign, whether organized under
general law or by virtue of special charter,
may lease or purchase, or in any way become
owner of or control, or hold the stock of, any
other railroad corporation, when their re-
spective railroads can be lawfully connected
and operated together SO as to constitute one
continuous main line, with or without
branches.
Sec. Q. Any railroad corporation, whether
organized under general law or by virtue of
special charter of the State or Territory of
Minnesota, or under the laws of any other
State or States or Territory, whose lines of
railroad now or hereafter constructed within
or without this State can be lawfully con-
neoted and operated together to constitute one
branches, SO as to admit of the passage of
trains over them without break or interruption,
may consolidate their stock and franchises upon
such terms as may be agreed upon, SO as to
become one corporation by any name by them
selected.
Articles stating the terms of consolidation
shall be approved by each corporation by
VOIc OF Tic SIOCkQOlutTS vi
the stock, in person or by proxy, at either
regular annual meeting thereof, or at s7ecial
meeting called for that purpose, by notice OF
at least thirty days, stating the object OF such
meeting, to be addressed to each of such stock
holders when their place of residence is
known, and deposited in the pOstoflce and
published for at least three successive weeks
in one newspaper in at least one of the cities
or towns in which each Of said corporations
has its principal business office, or by the con-
sent in writing of a majority of such stock
holders annexed to such articles; copy of
such articles of consolidation and of the record
of such approval, or of such consent, accom-
panied by lists of the stockholders OF
said corporation, and the number of shares
respective presidents and secretaries,
with the respective corporate seals
thereto affixed of said corporations, shall be
filed for record in the office of the secretary of
state of this State, and of the State or States
or Territory by or under whose laws the said
corporations parties to such articles OF con-
solidation were created or exist, before any such
consolidation shall have anv validity or effect.
Upon the filing for record of said copies the
said corporations shall become merged in the
new corporation provided for in said articles,
to be known thereafter by the corporate name
therein adopted, and shall, within this State,
succeed to all the rights, powers, franchises,
contracts, privileges, 1mmunlCle6, uaDllltlee,
obligations and duties, liabilities to or exemp-
ton from taxation, combinations, property.
real, personal and mixed, and things IN action,
as fully in all respects as the same were pos
sessed by such old corporation or corporations
at the time of such consolidation under the
laws of this State; and such new corporation
shall hold and enjoy the same, and all and
every part thereof, without impairment or
change as fully in the same manner and to the
same extent as if the said consolidation had
not taken place. Provided, that all rights Of
creditors, and all liens upon the property Of
either of said old corporations shall be pre-
served unimpaired, and all the debts, liabilities
and duties of either of said consolidating cor
porations shall thenceforth attach to said new
corporation, and be enforceable to the same
extent, and in the same manner as If such
debts, liabilities and duties had been originally
incurred by it. Provided further, that all such
corporations shall be subject to the laws OF
this State and the Jurisdiction of the courts OF
this State in the same manner and to the same
extent as domestic corporations.
Sec. 8. No railroad corporation shall con-
solidate with, lease or purchase, or in any way
become owner Of, or control any other railroad
corporation, or any stock, franchises, rights
or property thereof, which owns OF controls a
parallel or competing line.
Sec. 4. This act shall take effect and be in
force from and after its passage.
Approved March 3, 1881.