Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
222.11 METHOD OF COMBINATION.
Any domestic railroad company authorized by law to consolidate its property and franchises,
or any portion thereof, with the property and franchises or any portion thereof of another railroad
company, or to purchase the railroad property and franchises, or any part thereof, of another
railroad company, may effect such consolidation or purchase by acquiring the stock, bonds, or
other securities of such other railroad company, and for the special purpose of acquiring the same
may create, issue, or dispose of its own stock, bonds, or other securities, in addition to the amounts
it is otherwise authorized to issue, to an amount not exceeding the actual value of the stock or
bonds of such other company acquired by it. It may also create, issue, and dispose of such amounts
of stock for any other authorized purpose as the board of directors may find necessary. Prior to the
issue of any stock under the provisions of this section, the corporation shall file with the secretary
of state a duly authenticated resolution of its board of directors, stating the number and par value of
the shares so to be issued and the purpose of such issue. No railroad company shall sell its capital
stock for less than its full par value in money, property, work, or services, and no such company
shall issue or sell any stock or do any act prohibited by any other law relating to such matters.
History: (7510) RL s 2899
Any domestic railroad company authorized by law to consolidate its property and franchises,
or any portion thereof, with the property and franchises or any portion thereof of another railroad
company, or to purchase the railroad property and franchises, or any part thereof, of another
railroad company, may effect such consolidation or purchase by acquiring the stock, bonds, or
other securities of such other railroad company, and for the special purpose of acquiring the same
may create, issue, or dispose of its own stock, bonds, or other securities, in addition to the amounts
it is otherwise authorized to issue, to an amount not exceeding the actual value of the stock or
bonds of such other company acquired by it. It may also create, issue, and dispose of such amounts
of stock for any other authorized purpose as the board of directors may find necessary. Prior to the
issue of any stock under the provisions of this section, the corporation shall file with the secretary
of state a duly authenticated resolution of its board of directors, stating the number and par value of
the shares so to be issued and the purpose of such issue. No railroad company shall sell its capital
stock for less than its full par value in money, property, work, or services, and no such company
shall issue or sell any stock or do any act prohibited by any other law relating to such matters.
History: (7510) RL s 2899
Official Publication of the State of Minnesota
Revisor of Statutes