(a) Any railroad corporation and any mining, manufacturing, or quarrying corporation may, at any time, by means of subscription to the capital stock of any other corporation or company or otherwise, aid the corporation or company in the construction of its railroad for the purpose of forming a connection with the railroad or the principal place of business or works of the corporation furnishing the aid.
(b) Any corporation may purchase at judicial sale, or otherwise hold and use or lease any part or all of the railroad constructed by another corporation or company, together with its franchises, rights, and property, or may acquire, hold, and use all or any part of the capital stock of another corporation chartered under the laws of this state or any other state, if the railroad or railroads so purchased connect with, or will, when completed, connect with the railroad works, factory, or plant of the purchasing or leasing corporation, either directly or by means of an intervening line; or any two or more companies whose lines are or will be so connected may enter into any arrangement for their common benefit, consistent with and calculated to promote the objects for which they were created.
(c) No aid shall be furnished nor any purchase, lease, or arrangement perfected as mentioned in this section until a meeting of the stockholders of each of the corporations has been called by the directors thereof, at such time and place and in such manner as they shall designate, and the holders of the larger amount in value of the stock of each of the corporations represented, by voting at a meeting in person or by proxy, shall have assented thereto and copies of the proceedings of the meetings certified by the president, or other managing head of the corporations, under the corporate seal shall be filed in the office of the Secretary of State.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 21 - Certain Powers, Rights, and Duties of Corporations.
Article 2 - Corporate Powers of Eminent Domain.
Section 10A-21-2.02 - Condemnation for Ways and Rights-of-Way, etc., by Railroad Companies.
Section 10A-21-2.03 - Railroads Authorized to Transfer Abandoned Rights-of-Way.
Section 10A-21-2.06 - Construction Through Curtilage of House, etc., Without Consent Prohibited.
Section 10A-21-2.08 - Condemnation of Lands for Depots, Yards, and Tracks by Railroads.
Section 10A-21-2.09 - Rights of Condemning Corporations in Selection of Routes and Sites.