SECTION 43. Issue of preferred stock

A railroad corporation organized under the laws of this commonwealth, or organized under the laws of this commonwealth and of any other state or states may, by vote of two thirds in interest of its common stockholders, at a meeting duly called therefor, with the approval of the department, issue and from time to time increase preferred stock of one or more classes for any lawful purposes for which railroad corporations are authorized to issue or increase their capital stock. Each class of preferred stock shall be entitled to the preferences and rights and shall be subject to the restrictions and limitations fixed by such vote, as approved by the department. Such stock shall be issued subject to all the provisions of the laws of this commonwealth governing the issue of capital stock by railroad corporations.