South Carolina § 58-17-610 - Merger or consolidation with continuous or connected railroad authorized.

§ 58-17-610. Merger or consolidation with continuous or connected railroad authorized.

Any railroad company organized under the laws of this State and operating a railroad, whether wholly within or partly within and partly without this State, under the authority of this State, or of this State and any adjoining state, may consolidate its capital stock, franchises, and property with those of any other railroad company organized and operated under the laws of this or any other state so as to form a new consolidated corporation, or either of such companies may merge or be merged into the other when two or more railroads of the companies proposed to be consolidated or merged are continuous or are connected either directly with each other or by means of any intervening railroad. Railroads terminating on the banks of any river which are or may be connected by ferry or otherwise shall be considered continuous within the meaning of this article. Any consolidation of railroad companies shall be carried out by each railroad company according to the provisions of this article. Any merger of railroad companies shall be carried out by each railroad company according to and with the effects stated in Title 33, Chapter 11, and in such a merger, dissenting stockholders' rights shall be determined in accordance with Title 33, Chapter 13.

HISTORY: 1962 Code SECTION 58-921; 1952 Code SECTION 58-921; 1942 Code SECTION 8285; 1932 Code SECTION 8230; Civ. C. '22 SECTION 4794; Civ. C. '12 SECTION 3125; Civ. C. '02 SECTION 2050; G. S. 1425; R. S. 1615; 1901 (23) 717; 1994 Act No. 479, SECTION 2, eff July 14, 1994.