Town of Searcy v. Yarnell
Supreme Court of Arkansas
APPEAL from White Circuit Court in Chancery. Hon. M. T. Sanders, Circuit Judge. The city of Searcy never bore any relation to this railroad except that of a stockholder, and though she might, as she held a majority of the stock, authorize a sale of the road, yet it could only be through or by operation of a sale of its shares. The franchise continues under the control of the shareholders.
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APPEAL from White Circuit Court in Chancery. Hon. M. T. Sanders, Circuit Judge. The city of Searcy never bore any relation to this railroad except that of a stockholder, and though she might, as she held a majority of the stock, authorize a sale of the road, yet it could only be through or by operation of a sale of its shares. The franchise continues under the control of the shareholders. If such sale should work a forfeiture of the franchise, still no such forfeiture has been claimed by the state and the franchise . continues. Pierce on Railroads, pp. g, 10. But continues in whom? Of course…
1Opinion of the Court
Hon. Henry G. Bunn, Special Judge.
In 1871, when the Cairo & Fulton, now St. Louis, Iron Mountain & Southern railway, was being located through this state, various efforts were made by the citizens of the town of Searcy, in White county, to induce the railroad'people to diverge from the contemplated route so as to touch their town; and all these efforts proving fruitless, on the 21st July, 1871, some of them, nine in number, signed articles of association and caused the same to be filed in the office of the secretary of state, they having subscribed the necessary amount of stock, named their…
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