(a) It is lawful for any railroad corporation, existing in this state under a general law, that now has under construction, or proposes to construct and operate and maintain, a railroad for the transportation as common carrier of persons and freights, to consolidate with any other railroad corporation that has under construction, or proposes to construct and operate and maintain, another such railroad for the transportation of persons and freights.(b) The consolidation provided for in subsection (a) shall not have effect until the terms and conditions of the agreement shall have been approved by a majority of the stockholders of each of the consolidating companies at a regular annual meeting, or at a called meeting called for that purpose.(c) This section shall not apply to corporations whose proposed railroad line or lines shall run parallel to each other, or in any way compete with each other for the transportation of persons and freights from or to the same points, it being the intention to apply this section, and extend the privileges granted, to such corporations as have, or may have, under construction, or propose to construct, such railroad lines as, when consolidated, will form one (1) continuous line, or one will be but an extension of another or others.(d) This section shall apply to railroads under construction, or proposed to be constructed, which, when completed, are to be connected, and form one (1) continuous line in this or other states; provided, that the part of the road so consolidated lying in this state shall be subject to the jurisdiction of the state in its legislative and judicial departments to the same extent as if no such consolidation had been made.
