Any county, incorporated city, or town may become a stockholder in any railroad company incorporated under the general laws of this state, to an amount not exceeding, in the aggregate, one-tenth (1⁄10) of its taxable property, by complying with the requirements of this chapter.
Power of locality to become stockholder
Tenn. Code Ann. § 65-7-101, under Subscription to Railroad Stock by Counties and Municipalities.
Tenn. Code Ann. § 65-7-101