388.030. Who may form corporation — articles of association — where filed.

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388.030. Who may form corporation — articles of association — where filed. — 1. Any number of persons, not less than five, may form a company for the purpose of constructing, maintaining and operating a railroad for public use in the conveyance of persons and property; and for that purpose may make and sign articles of association, in which shall be stated the name of the company, the number of years the same is to continue, the places from and to which the road is to be constructed or maintained or operated, the length of such road, as near as may be, and the name of each county in the state through or into which it is made or intended to be made, the amount of the capital stock of the company, which shall not be less than ten thousand dollars for every mile of standard or broad gauge, nor less than five thousand dollars for every mile of narrow gauge road constructed or proposed to be constructed, and the number of shares of which said capital stock shall consist, and the names and places of residence of the directors of the company, not less than five nor more than twenty-one in number, who shall manage its affairs for the first year, and until others are chosen in their places.

2. Each subscriber to such articles of association shall subscribe thereto his name, place of residence, and the number of shares of stock he agrees to take in said company.

3. On compliance with the provisions of section 388.040 , such articles of association may be filed in the office of the secretary of state, who shall endorse thereon the day they are filed, and record the same in a book to be provided by him for that purpose; and thereupon the persons who have so subscribed such articles of association, and all persons who shall become stockholders in said company, shall be a corporation by the name specified in such articles of the association, and shall possess the powers and privileges granted to corporations, and be subject to the provisions relating thereto contained in this chapter.

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(RSMo 1939 § 5126, A.L. 1951 p. 545)

Prior revisions: 1929 § 4654; 1919 § 9849; 1909 § 3048