(a) This subchapter shall be applicable to all railroad corporations organized under the laws of this state, provided that each existing railroad corporation may, within two (2) years of June 11, 1959, file with the Arkansas Department of Transportation, the Secretary of State, and the county clerk of each county in which its articles of incorporation are then filed an amendment to its articles of incorporation adopted by not less than two-thirds (2/3) of its stockholders, at an annual or special meeting, setting forth the period of existence desired for the corporation.
(b) When the filings are completed, the corporation's existence shall be deemed extended according to the terms of the amendment. However, if any such corporation fails to file the amendment, then its charter shall expire at the time it would have expired had this subchapter not been adopted unless it is extended prior to the expiration in the manner provided by law for extension of railroad corporation charters.