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ART. XXIII ] RAILROAD COMPANIES. 157
the said company may, at its election, either pay to the said holder the
amount of damages so found, or the value of the stock so ascertained,
and upon payment of the value of the stock, as aforesaid, the same shall
be transferred to and be vested in said acquiring company.
Fourth. In connection with and upon consummation of such acqui-
sition as aforesaid, the acquiring company may issue its own then author-
ized capital stock or its own bonds, either or both, at not less than the
par or face value thereof, to such amount as may be required by said
agreement, or as may be found otherwise necessary for paying and
extinguishing the outstanding capital stock and bonded indebtedness, or
either, of the corporation whose rights, property, privileges, franchises
and credits are so acquired.
191S, ch. 430.
284B. It shall be lawful for any railroad company, incorporated
under the laws of this State, or of this and any other State or States,
whether incorporated under the provisions of this Article or by special
Act or otherwise, to purchase the railroad, property, rights, privileges,
franchises and credits of any other railroad company incorporated
under the laws of this, or of this and any other State or States, or of
any other State or States, provided the railroads of the two companies
connect, either within or without this State, directly or by means of
intervening lines and form a continuous route or routes for the trans-
portation of persons and property; and any railroad company incor-
porated as aforesaid of this State or of this and any other State or
States, is hereby empowered to sell its railroad, property, rights, privi-
leges, franchises and credits to any other railroad company which is
authorized by the terms hereof to acquire the same, or to any railroad
company of another State or States which is lawfully empowered to
acquire the same. The purchase hereby authorized shall be made and
consummated in the manner hereinafter provided, and when the same
has been consummated, the purchasing company shall be possessed of
and shall own, hold, operate, exercise and enjoy the railroad, property.
rights, privileges, franchises and credits of the selling company; but
nothing herein contained shall be construed as exempting the purchasing
company from the operation of the laws of this State in respect to its
railroad and property within the State. Such purchase and sale shall
be effected in the manner following:
First. The two companies shall, pursuant to resolutions duly adopted
by their respective boards of directors, make and execute an agreement
under their respective corporate seals, duly attested, which shall con-
tain and set forth the terms and conditions of said purchase and sale,
and shall designate the number of outstanding shares of the capital
stock of the selling company and the amount which under the terms
of said agreement will accrue and be payable to the holder of each
share in cash out of the purchase money or consideration to be paid by
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