Corporations formed to purchase or lease railroads — Stock issued in payment deemed fully paid shares
Acts 1881, No. 43, § 3, p. 79; C. & M
(1) Subject to the provisions of Acts 1959, No. 30, corporations may be formed for the purpose of purchasing or leasing the whole or any part of any railroad, and that purpose or object shall be stated in the application and articles of incorporation.
(2) All shares of stock issued in payment of the purchase shall be deemed to be fully paid shares.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.