State Codes and Statutes
Statutes > Virginia > Title-56 > Chapter-1 > 56-10§ 56-10. Effect of such sale; date for meeting of stockholders.
The corporation created by or in consequence of such sale and conveyanceshall succeed to all such franchises, rights, and privileges, and perform allsuch duties as would have been had or should have been performed by the firstcompany but for such sale and conveyance, including in the case of a railroadcorporation the duty of maintaining and operating any branch or lateral roadwhich may have been constructed and operated before the sale, and oftransporting freight and passengers thereon; save only, that the corporationso created shall not be entitled to the debts due to the first company, andshall not be liable for any debts of, or claims against, the first company,which may not be expressly assumed in the contract of purchase, and that thewhole profits of the business to be done by such corporation shall belong tothe purchaser or his assigns. The interest in the corporation of thepurchaser or his assigns shall be personal estate, and he or his assigns maycreate so many shares of stock therein as he or they may think proper, notexceeding together the amount of stock in the first company at the time ofthe sale, except in pursuance of an amendment to the charter obtainedaccording to law; and such purchaser or his assigns may assign such shares ina book to be kept for that purpose. Such shares shall thereupon be on thefooting of shares in corporations generally, except only that the firstmeeting of the stockholders shall be held on such day and at such place asshall be fixed by the purchaser, of which notice shall be published for twosuccessive weeks in a newspaper.
(Code 1919, § 3896.)
