Section 10-5-12

Operation of railroads or canals without state and making extensions within state by railroad, mining, manufacturing and quarrying companies.

Railroads, mining, manufacturing and quarrying companies may purchase, lease or acquire in any other manner, hold and operate a railroad or railroads or canals without this state for the purpose of making extensions or connections, and within this state may extend their roads or may construct and operate branch roads from any point or points on their lines and may also construct and operate second tracks, roads or branch roads connecting any two points on their lines. Such purchase must be made by resolution of the board of directors, which must be submitted to a meeting of the stockholders, called for the purpose of its consideration; at such meeting such resolution must be approved by the vote of holders of the larger amount in value of the stock, and if such resolution is so approved, a copy thereof and of the proceedings of the meeting of the stockholders, certified by the president and the secretary under the corporate seal, must be filed and recorded in the office of the Secretary of State. Such extension or construction of such branch and second tracks or roads must be made by resolution of the board of directors, to be entered in the record of the proceedings of the corporation, designating the point from which and the point to which such extension or such second tracks or roads, or branch roads are to be constructed. A copy of such resolution, certified by the president and secretary under the corporate seal, must be filed in the office of the Secretary of State; and thereafter, for the purpose of making such extension or building such branch and second tracks or roads, such corporation shall have all the rights, powers and immunities which are now or may hereafter, by the laws of this state, be granted to and vested in railroad corporations under and by virtue of the general corporation laws of this state.

(Code 1907, §3499; Acts 1911, No. 324, p. 576; Code 1923, §7033; Code 1940, T. 10, §88.)