§387.  Foreclosure of mortgages; new corporation, power to organize

The purchasers of the railroad, its property, or franchises, as set forth in R.S. 45:386, may fix the amount of capital stock representing the property bought, and divide the same into shares of one hundred dollars each, each share being entitled to one vote.  The holders of the stock may meet, adopt a name for the company, and elect a board of directors of a number as they may see fit, but not less than six, one of whom resides in Louisiana.  The board of directors may elect a president and other officers they deem expedient for the proper management of the property, fix their duties, terms of office and compensation, and adopt by-laws.  However, such purchasers shall not have the rights conferred by this Section unless they and the company which they organize shall comply with the provisions of R.S. 45:386.