Tex. Transp. Code § 131.032 · Subchapter C. MERGER OF INTERURBAN RAILWAY
ACQUISITION OF RAILWAY PROPERTY AUTHORIZED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A corporation organized under the laws of this state that is authorized to construct, acquire, and operate an interurban railway may:
(1) acquire, lease, or purchase the physical property, rights, and franchise of any other railway corporation with similar powers; or
(2) lease or purchase physical property, rights, and franchises of any suburban or street railway corporation the railway lines of which are to be operated in connection with the interurban railway.
(b) The owner of physical property or a right or franchise described by Subsection (a)(1) or (2) may sell or dispose of the property, right, or franchise to the corporation making an acquisition, lease, or purchase under Subsection (a).
(c) An acquisition or purchase under this section may be on the terms:
(1) agreed to by the board of directors of each corporation; and
(2) authorized or approved by a majority of the stockholders of each corporation.
Notes and commentary — not statutory text
History
Added by Acts 2009, 81st Leg., R.S., Ch. 85 (S.B. 1540), Sec. 2.03, eff. April 1, 2011.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TN/htm/TN.131.htm
- Text hash
- sha256 222a77224adc6015c038d33f637ecd4bafce8b104b819d6dda1f85e15f50ec98
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.