Nevada Revised Statutes 705.080 – Sale, transfer or lease of property and franchises to corporation: Consent of stockholders; operation by buyer or lessee
1. Any railroad corporation owning a railroad in this state may sell, convey and transfer, or lease its property and franchises, or any part thereof, to any other railroad corporation, whether organized under the laws of this state or of any other state or territory, or under any Act of Congress, upon such terms and conditions as its board of directors deem expedient and for the best interests of the corporation, when and as authorized by the affirmative vote of stockholders holding stock in the corporation entitling them to exercise not less than 66 2/3 percent of the voting power, given at a stockholders’ meeting called for that purpose, or when authorized by the written consent of stockholders holding stock in the corporation entitling them to exercise not less than 66 2/3 percent of the voting power; but the articles of association may require the vote or written consent of a larger proportion of the stockholders and the separate vote or consent of any class of stockholders.
Terms Used In Nevada Revised Statutes 705.080
- 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
2. Any other railroad corporation receiving the conveyance or lease may hold and operate the railroad franchise and property within this state, build and operate extensions or branches thereof, and for that purpose exercise the power of eminent domain, and do any other business in connection therewith, as fully and effectually to all intents and purposes as if such corporation were organized under the laws of this state.