§ 3427. Alien railroad corporations; exceptions

(a) An alien railway corporation shall not be directly or indirectly interested in any of the stock of a railroad corporation organized under the laws of this State without leave of the General Assembly. However, nothing in this section shall apply to the stock of any railroad corporation now or hereafter organized that shall own or operate all or any part of the railroad or other property owned or operated by a railroad corporation at any time prior to February 15, 1929, a majority of whose stock was owned, held, or controlled by an alien railway corporation, or by any of its subsidiary or affiliated companies or corporations, directly or indirectly, at any time prior to such date.

(b) An alien railway corporation shall not, by itself or through others, own or acquire title to any railroad, or the use thereof, or have anything to do with the management or control of a railroad in this State without leave of the General Assembly. However, nothing in this section shall apply to a railroad that at any time prior to February 15, 1929, in whole or in part, was owned, managed, operated, or controlled, or title to which or the use of which was acquired by any alien railway corporation, or by any of its subsidiary or affiliated companies or corporations, whether by itself or with others and whether directly or indirectly by stock ownership, lease, operating agreement, or otherwise.