FORMATION AND UNION OF RAILROAD CORPORATIONS; LEASES AND EXTENSIONS
Union of Two or More Railroad Corporations
367:22 Agreement; Record; Powers.
In such case, the corporations shall make and execute an agreement setting forth the terms of the union, and shall cause the same, together with the decision of the court authorizing the union, to be recorded in the office of the secretary of state; and, from and after such record, the stockholders in the uniting corporations assenting thereto, together with their associates and successors, shall be members of the new corporation; and the new corporation shall have all such rights, powers and privileges, and be subject to all such obligations and liabilities, as shall be necessary and proper to consummate the agreement of union and to vest in itself the corporate franchises and property of the uniting corporations; and it shall thereafter hold and possess all such franchises and property, subject to the duties and liabilities of the corporations forming the union, or any of them.
Source. 1883, 100:17. PS 156:23. PL 246:20. RL 296:20.