Sec. 2. The shareholders of any railroad company, now organized or to be organized under
the laws of this state, shall have no preemptive rights to subscribe to or purchase
any additional issues of shares of the capital stock of the corporation of any class
nor any shares of the corporation purchased or acquired by the corporation and not
canceled but held as treasury stock except to the extent, if any, that such rights
shall be fixed and stated in the articles of association.
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