Railroad corporations organized under the law of this state are authorized to enter into subscription contracts for the sale of their stock under such terms, conditions, and restrictions and subject to such liabilities relative thereto as are provided by law for such contracts by private corporations, except as such contracts may be restricted by the articles of incorporation or the Arkansas Department of Transportation.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 1 - Public Utilities And Carriers
Chapter 11 - Establishment and Organization of Railroads
Subchapter 2 - Railroad Incorporation Act of 1959
§ 23-11-203. Articles of incorporation
§ 23-11-204. Formation of railroad corporation — Application — Contents
§ 23-11-205. Application for incorporation — Hearing — Order of department
§ 23-11-206. Issuance of charter
§ 23-11-207. Filing of papers — Effect
§ 23-11-208. Characteristics and powers generally of corporation
§ 23-11-209. Specific powers and liabilities
§ 23-11-210. Stockholders' first meeting
§ 23-11-211. Annual and special meetings of stockholders
§ 23-11-212. Voting of shares generally
§ 23-11-213. Board of directors — Members
§ 23-11-214. Board of directors — Meetings
§ 23-11-215. Board of directors — Powers generally
§ 23-11-216. Board of directors — Issuance of bonds, certificates of indebtedness — Security
§ 23-11-217. Dividends — Declaration and payment by board of directors
§ 23-11-218. Officers and committees of board of directors
§ 23-11-219. Subscription contracts for sale of stock
§ 23-11-220. Amendment of articles of incorporation
§ 23-11-221. Dissolution or liquidation of railroad corporation
§ 23-11-223. Corporations existing prior to June 7, 1945 — Extension of charter