(610 ILCS 25/1) (from Ch. 114, par. 39)
Sec. 1.
Whenever any railroad which is situated partly
in this state, and partly in one or more other states, and heretofore owned
by a corporation formed by consolidation of railroad corporations of this
and other states, has been sold pursuant to the judgment of any court
of competent jurisdiction, and has been purchased as an
entirety, and is now, or hereafter may be, held in the name or as the
property of 2 or more corporations incorporated respectively under the
laws of 2 or more of the states in which the railroad is situated, it
shall be lawful for the corporation so created in this state to consolidate
its property, franchises and capital stock with the property, franchises
and capital stock of the corporation or corporations of such other state or
states in which the remainder of such railroad is situated, and upon such
terms as may be agreed upon between the directors, and approved by the
stockholders owning not less than 2/3 in amount of the capital stock
of such corporations. Such approval may be given by the stockholders of
such corporation of this state at any time, in writing or by vote, at any
annual or special meeting, upon 60 days' notice, given by publication in
any newspaper published in the county where the general office of such
company is situated, and such meeting is to be held. However, no
consolidation shall take place with any railroad owning a parallel or
competing line, and a majority of the directors of such consolidated company
shall be citizens and residents of this state, and where the line
of the road of the original company was located in this state, and aid
in the construction thereof voted by any municipality by way of
subscription or donation and received by the company, and the road as so
located not yet completed, then the consolidated company shall have no
power or right to change such line as so located in order to make it
substantially different from the line so located at the time the aid was voted.
(Source: P.A. 84-1308.)
|