Every railroad corporation as such shall have power:
A. of succession by its corporate name for the period limited in its articles of incorporation;
B. to sue and be sued in any court;
C. to make and use a common seal, and alter the same at pleasure;
D. to acquire, purchase, hold and convey such real and personal estate as the purposes of the corporation may require;
E. to appoint such subordinate officers or agents as the business of the corporation may require, and to allow them suitable compensation;
F. to make bylaws, not inconsistent with any existing law, for the management of its business and property, the regulation of its affairs and for the transfer of its stock;
G. to admit stockholders and to sell their stock or shares for the payment of assessments or installments;
H. to construct, maintain and operate telegraph lines in connection with its railroad and branches;
I. to enter into any obligations or contracts necessary or convenient to the transaction of its ordinary affairs, or for carrying out the purposes of the corporation; and generally, such corporation shall have and possess, for the purpose of construction, maintaining and operating its railroads and telegraph lines, and carrying on its business, all the rights, powers and privileges which are enjoyed by natural persons;
J. to construct such branches from its main line or intermediate branches as it may from time to time deem necessary to increase its business and accommodate the trade or travel of the public.
History: Laws 1878, ch. 1, ch. [tit.] 6, § 1; C.L. 1884, § 2664; C.L. 1897, § 3846; Laws 1899, ch. 29, § 3; Code 1915, § 4696; C.S. 1929, § 116-201; 1941 Comp., § 74-201; 1953 Comp., § 69-2-1.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Trustees in bankruptcy subject to franchise tax. — Trustees in bankruptcy of a foreign corporation are subject to a state franchise tax for doing business or continuing in business exactly the same as if the bankrupt corporation was conducting the business. Lowden v. SCC, 1938-NMSC-016, 42 N.M. 254, 76 P.2d 1139.
Common seal may be altered by board of directors only, and not by the corporation solicitor. Saxton v. Texas, Santa Fe & N.R.R., 1888-NMSC-006, 4 N.M. (Gild.) 378, 16 P. 851.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18B Am. Jur. 2d Corporations §§ 1990 to 2008; 65 Am. Jur. 2d Railroads § 12.
Right to give exclusive privilege of soliciting patronage at railroad stations or on trains, 15 A.L.R. 356.
Injunction against repeated or continuous trespasses on railroad property, 32 A.L.R. 544, 60 A.L.R.2d 310.
Proper remedy for interference with right-of-way, 47 A.L.R. 563.
Power of corporation after expiration or forfeiture of its charter, 47 A.L.R. 1288, 97 A.L.R. 477.
Right of railroad company to use right-of-way for housing or boarding employees or others, 59 A.L.R. 1287.
Right of railroad company to use or grant use of land in right-of-way for other than railroad purposes, 94 A.L.R. 522, 149 A.L.R. 378.
Adverse possession or prescription nature, and extent of interest acquired by railroad in right-of-way by, 127 A.L.R. 517.
Title or interest acquired by railroad in exercise of eminent domain as fee or easement, 155 A.L.R. 381.
What losses are within clause of contract purporting to relieve the railroad from liability, 2 A.L.R.2d 1074.
74 C.J.S. Railroads § 16.