CORPORATIONS 895

tion which owned or held such railroad previous to such sale under or by-
virtue of its charter and any amendments thereto, and of other laws of this
State, or the laws of any other State in which any part of such railroad
may have been situated, not inconsistent with the laws of this State.
See note to sec. 233.

An. Code, 1924, sec. 234. 1912, sec. 297. 1904, sec. 277. 1888, sec. 189. 1886, ch. 134, sec. 3.

236. Such corporation shall also have power to make and issue bonds
bearing such rate of interest not exceeding six per cent, per annum, payable
at such times and places, and in such amount or amounts as it may deem
expedient, and to sell and dispose of such bonds at such prices and in such
manner as it may deem proper, and to secure the payment of such bonds
by mortgage or deed of trust of its railroad, or any part thereof; and its
real and personal property and franchises, and all of the property and
franchises of such corporation embraced, or intended to be embraced in any
such mortgage or deed of trust, whether then held or thereafter acquired,
shall be subject to the lien and operation of such mortgage or deed of trust,
and in case of sale under the same shall pass to and become vested in the pur-
chaser or purchasers thereof, so as to enable him or them to form a new
corporation in the manner hereinbefore prescribed, and to vest in such new
corporation all the faculties, powers, rights, immunities, privileges and
franchises possessed by its predecessor or conferred by this section.

See sec. 391, and notes to sec. 233.

An. Code, 1924, sec. 235. 1912, sec. 298. 1904, sec. 278. 1888, sec. 190. 1886, ch. 134, sec. 4.

237. Any railroad company incorporated under the provisions of sec-
tions 233, 235 or 236 shall have power to sell, lease, assign or transfer its
stock, property and franchises to, or to consolidate the same with those of
any other railroad company incorporated under the laws of this or any
other State, or of the United States, whose railroad within or without this
State shall connect with or form a continuous line with the railroad of the
company incorporated under said sections, upon such terms as may be
agreed upon; provided, however, that the agreement for any such sale,
lease, assignment, transfer or consolidation, shall be submitted to the
stockholders of the railroad company incorporated under said sections at
a special meeting called for considering the same, and shall be sanctioned
by the holders of two-thirds of the stock represented at such meeting in
person or by proxy, and if sanctioned at such meeting, shall be filed in the
office of the secretary of state of this State; and provided, further, that
such agreement shall contain no provisions in conflict with the provisions
of this article, or which shall exempt such railroad, so far as it lies within
this State, from the operation of the laws of this State.

See secs. 29, 33, 116, 220, 388, 391 and notes to sec. 233. See also art. 48A, sec. 49.

An. Code, 1924, sec. 236. 1912, sec. 299. 1904, sec. 279. 1888, sec. 191. 1886, ch. 134, sec. 5.

238. Any railroad company incorporated under the provisions of sec-
tions 233, 235 and 236, shall also have power to purchase or contract for
the use and enjoyment, in whole or in part, of any other railroad or rail-
roads lying within or without this State, if the same shall connect with or
form a continuous line with the railroad of the company incorporated un-
der said sections.
See sec. 388.