Louisiana Revised Statutes 45:615 – Purchase or lease of railroad; connecting railroad’s power
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Terms Used In Louisiana Revised Statutes 45:615
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Any railway company may acquire by conventional or judicial sales, or by lease, from any other railway corporation, any railroad, the whole or any part of which is in Louisiana, with all the property, privileges, appurtenances, rights and franchises, stocks and bonds, of such railway company, whenever the railroad lines of the contracting companies form, in their operation, connecting or continuous lines of railroad, by bridge, ferry or otherwise. However, the lines of the contracting companies shall not be parallel and competing.