Texas Transportation Code 131.032 – Acquisition of Railway Property Authorized
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(a) A corporation organized under the laws of this state that is authorized to construct, acquire, and operate an interurban railway may:
(1) acquire, lease, or purchase the physical property, rights, and franchise of any other railway corporation with similar powers; or
(2) lease or purchase physical property, rights, and franchises of any suburban or street railway corporation the railway lines of which are to be operated in connection with the interurban railway.
(b) The owner of physical property or a right or franchise described by Subsection (a)(1) or (2) may sell or dispose of the property, right, or franchise to the corporation making an acquisition, lease, or purchase under Subsection (a).
Terms Used In Texas Transportation Code 131.032
- 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
- Property: means real and personal property. See Texas Government Code 311.005
(c) An acquisition or purchase under this section may be on the terms:
(1) agreed to by the board of directors of each corporation; and
(2) authorized or approved by a majority of the stockholders of each corporation.