Subject to approval thereof by the Arkansas Department of Transportation under such rules for procedure as it may establish and a determination that action will be in the public interest, any railroad corporation existing under the laws of any other state or territory may buy, lease, or otherwise acquire any railroad, the whole or part of which is in this state, with all the rights, privileges, and franchises thereto pertaining, or buy the stock and bonds, or guarantee the bonds of any railroad corporation incorporated or organized under the laws of this state whenever the roads of such companies shall form in the operation thereof a continuous line or lines. However, the road so purchased shall not be parallel or competing with the purchasing road.
Ark. Code Ann. § 23-11-402
Purchase or lease of state roads — Exception
Applied in 1 court decision — leading case Missouri Pacific Railroad v. 55 Acres of Land Located in Crittenden (1996)
Most recently applied in Missouri Pacific Railroad v. 55 Acres of Land Located in Crittenden (November 1996)
Acts 1889, No. 34, § 2, p. 43; C. & M
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.