Rhode Island § 39-6-26 - Railroad Companies

§ 39-6-26. Right of purchaser to convey to corporation.

Any purchaser of any railroad or street railway, and of any corresponding property, rights, privileges, and franchises, shall have the right and is hereby authorized and empowered to sell, assign, transfer, and convey all and each railroad or street railway and the property, rights, privileges, and franchises so purchased by him or her to any legally organized corporation duly created and empowered to construct, maintain, and operate a railroad or street railway, and to purchase, maintain, operate, and use any railroad or street railway, and the property, rights, privileges, and franchises, upon such terms and conditions as may be mutually agreed upon between the purchaser and the corporation; and the person so selling any railroad or street railway and the property, rights, privileges, and franchises to the corporation, may receive in payment for the railroad or street railway the stock or bonds of the corporation at not less than the par value thereof.