Any railroad company heretofore or hereafter organized under the laws of New Mexico, shall have power to borrow money and purchase property, real and personal, for the use of the corporation, and to mortgage and pledge all or any part of its corporate franchises and property in possession or subsequently to be acquired, as security for the payment of the money so borrowed and for the payment of the purchase money for the property so purchased.
History: Laws 1871-1872, ch. 13, § 1; C.L. 1884, § 2700; C.L. 1897, § 3890; Code 1915, § 4733; C.S. 1929, § 116-702; 1941 Comp., § 74-206; 1953 Comp., § 69-2-6.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 65 Am. Jur. 2d Railroads §§ 149 to 159.
74 C.J.S. Railroads §§ 246, 282.
Structure New Mexico Statutes
Chapter 63 - Railroads and Communications
Article 2 - Powers and Construction of Roads
Section 63-2-1 - [Corporate powers.]
Section 63-2-2 - Additional powers.
Section 63-2-4 - [Power to use highway, air and water transports; limitations.]
Section 63-2-5 - [Methods of exercising rights and powers.]
Section 63-2-6 - [Power to borrow, purchase and mortgage.]
Section 63-2-7 - [State lands; granting right-of-way over and right to appropriate water thereon.]
Section 63-2-8 - [Municipalities may grant use of streets.]
Section 63-2-9 - Location maps to be filed.
Section 63-2-10 - Commencement and completion of road.
Section 63-2-12 - [Aiding other roads; operating jointly; assent of stockholders.]
Section 63-2-13 - Corporate power under former acts.
Section 63-2-14 - [Extensions into other states; power to purchase, lease and sell.]
Section 63-2-15 - [Extensions, branches, sidings and switches of foreign companies; eminent domain.]
Section 63-2-18 - [Peace officers; appointment; bond; no authority in labor troubles.]