(a) Any corporation formed under the laws of this state and chartered thereby may consolidate with any corporation of any adjoining state in the manner provided by law.
(b) The consolidated corporation shall become, be, and remain a corporation of this state and amenable to its laws and courts.
(c)
(1) No such consolidation shall be effected except between corporations, the union of whose roads will make a continuous line.
(2) Nor shall any consolidated company own, control, operate, lease, purchase, or consolidate with any parallel or competing line.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 1 - Public Utilities And Carriers
Chapter 11 - Establishment and Organization of Railroads
Subchapter 3 - Sale, Lease, or Consolidation
§ 23-11-301. Authority of railroad to sell or lease road or property
§ 23-11-303. Construction, purchase, or lease of railroad in adjoining state authorized
§ 23-11-304. Formation of connecting lines — Aid to construction of other railroad authorized
§ 23-11-305. Consolidation when lines connect at state boundary line
§ 23-11-306. Consolidation of two or more railroad companies to effect continuous line
§ 23-11-307. Consolidation with foreign corporation
§ 23-11-308. Bonds issued by leasing, purchasing, or consolidating corporation — Security for bonds
§ 23-11-309. Stockholders' consent required for purchase of stock, lease, or consolidation
§ 23-11-310. Articles of consolidation or purchase — Amount of capital stock
§ 23-11-311. Control of parallel or competing line prohibited — Contracts, etc., void — Penalties
§ 23-11-312. Rights and privileges of consolidated and purchasing companies
§ 23-11-313. Debts of purchased or consolidated companies — Claims