Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-11-315. Corporations formed to purchase or lease railroads

(a) Subject to the provisions of Acts 1959, No. 30, corporations may be formed for the purpose of purchasing or leasing the whole or any part of any railroad, and that purpose or object shall be stated in the application and articles of incorporation.

(b) All shares of stock issued in payment of the purchase shall be deemed to be fully paid shares.