391.020. Powers of corporation.

706 words·~3 min read·/mo/chapter-391/391-020

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

391.020. Powers of corporation. — Every corporation formed under the provisions of this chapter shall have power

(1)To construct or maintain and operate its railroad along, across or over the streets of any incorporated city or town or the roads of any county; provided, the consent thereto of the municipal authorities of such city or town or the county commission of such county is first obtained; provided, municipal authorities of cities or towns shall not grant the right-of-way over, along or across any street, except upon the petition of the owners of the land representing more than one-half the frontage of the street or so much thereof as is sought to be used for streetcar purposes, and when the street or parts thereof that is sought to be used shall be more than one mile in extent, no petition of landowners shall be valid unless the same shall be signed by the owners of the land representing more than one-half the frontage of each mile and of the fraction of the mile, if any, in excess of the whole mile measuring from the initial point named in such petition such street or parts thereof sought to be used for such purposes;

(2)To operate its road by animal, cable, electric or other motive power, as the consent of the use of which said power may be obtained from the public authorities of such city, town or county;

(3)To receive and collect such fares for the transportation of persons, express and mails as may be provided in the said consent of said public authorities of such city, town or county given as aforesaid;

(4)To acquire by grant a right-of-way not to exceed fifty feet in width over private property, and to construct or maintain and operate its roads thereon;

(5)To purchase and acquire depots, powerhouse sites or terminals;

(6)To issue bonds payable in such amount and at such times and places as it deems best, and may dispose of the same for the purposes of its incorporation, and to secure payment of the same, may mortgage its property, real and personal, and also the franchise of the company;

(7)To purchase, lease or acquire by other lawful contract, which shall include the right to purchase the capital stock and bonds of other street railroad companies, and to hold and dispose of the same, and to hold, use and operate any street railroad or roads, with all and singular its or their franchises and properties of every description belonging to any other street railroad corporation or corporations; provided, that such purchase, lease or other contract be authorized or approved by the vote of the holders of two-thirds in amount of the capital stock of the company so purchasing, leasing or otherwise contracting therefor at a meeting called for that purpose upon twenty days' notice published in some newspaper of the city or county where the general office of such street railroad company may be located, or by written notice mailed to the last known address of each registered stockholder twenty days before such meeting; and provided further, such roads connect with or intersect each other, so as to allow a single passage one way over each road for a single fare;

(8)To sell, lease or dispose of by any other lawful contract, to any other street railroad company, its railroad rights, franchises, including the right to be a corporation, and all and singular its other properties of every character and description; provided, that such sale, lease or other contract disposing of its railroad, franchises and other properties, shall be first authorized or approved by the vote of two-thirds in amount of the holders of its capital stock at a regular or called meeting of its stockholders convened pursuant to such notice as is required in subdivision (7);

(9)To have and enjoy all such other powers and franchises as are usually had, enjoyed and exercised by street railroad companies in addition to the powers herein enumerated.

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(RSMo 1939 § 5316)

Prior revisions: 1929 § 4911; 1919 § 10122; 1909 § 3316

CROSS REFERENCES:

Issuance of stocks or bonds, conditions precedent--stock dividends prohibited, 387.280

Stocks, bonds and notes regulated, how, 387.240, 387.270