(610 ILCS 70/1) (from Ch. 114, par. 49c)
Sec. 1.
Every railroad company heretofore or hereafter organized under the
laws of this State, or under the laws of this State and another State or
States, shall have power to lease, sell, transfer and convey the whole or
any part of its railroad and all or any part of its other property to, and
shall have power to consolidate with, acquire by merger, or be merged into
any other railroad company organized under any law of this State, or under
the laws of this State and another State or States, or under the law of any
other State or States, having power to purchase or lease the same, or to
consolidate or merge with the same, and such acquiring or new or surviving
corporation shall be deemed to possess within this State all the rights,
privileges and franchises of each such corporation of this State so
consolidated or merged, including the power of eminent domain, but no lease
or sale of all or substantially all of its property, and no consolidation
or merger, shall be made with any other railroad owning a parallel or
competing line, nor without the consent or approval of the holders of
two-thirds in amount of its outstanding capital stock, expressed at an
annual or special meeting of the stockholders, of which sixty days' notice
shall be published in newspapers in the place of the principal office in
Illinois of the company or companies existing under Illinois Law. The
acquiring railroad shall hold the railroad property situated in this State,
and the rights, privileges and franchises to be exercised in this State,
including the power of eminent domain, subject to the laws of this State
for the regulation, government, taxation or control of railroads organized,
or which may be organized under the laws of this State.
(Source: Laws 1953, p. 1308.)
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