352.130. May acquire stock--power to hold real estate. - Missouri Statutes

May acquire stock--power to hold real estate.

352.130. It shall be lawful for any corporation which may beorganized under this chapter, or any existing corporation thepurposes whereof are included in those mentioned in section352.020, to acquire, by subscription, purchase, devise or gift,shares of stock in any stock company which shall hereafter beincorporated under and pursuant to the laws of this state, forthe sole purpose of erecting or purchasing a hall or building forthe use and benefit of any one or more of such corporations, asmentioned in section 352.020, and to hold such stock as personalproperty, and to enjoy the rights and privileges appertaining tosuch ownership; provided, that the stock corporation erecting orpurchasing such hall or building for the purpose aforesaid shallnot permit the same to be occupied or used by any person orcorporation for any purpose not included among those specified insection 352.020, except so much of said building as may benecessarily rented for business purposes, in order to secure asufficient revenue to provide for the expenses of the care andmaintenance of said property, and for annual dividends not toexceed five percent upon the capital stock thereof, and everysuch stock corporation as herein mentioned shall, in the articlesof association thereof, expressly declare its sole purposes to besuch as above provided for; and provided further, that anycorporation, the purposes whereof are included in section352.020, may acquire and hold in its own name such real estateand buildings as may be necessary for assembly, library,laboratory and other rooms requisite for its purposes, and mayreceive income from such other rooms as may be requisite to thecompleteness of such buildings; but such income shall be appliedto the purpose of such corporation as defined in section 352.020.

(RSMo 1939 § 5448) Prior revisions: 1929 § 5007; 1919 § 10275; 1909 § 3443