387.280. Certificate of division of motor carrier and railroad safety to be recorded--stock dividends prohibited. - Missouri Statutes

Certificate of division of motor carrier and railroad safety to berecorded--stock dividends prohibited.

387.280. 1. No motor carrier governed by the provisions of thischapter shall issue any stock, bonds, notes or other evidence ofindebtedness, for money, property or services, either directly orindirectly, nor shall it receive any money, property or services in paymentof the same, either directly or indirectly, until there shall have beenrecorded upon the books of such corporation or person the certificate ofthe division of motor carrier and railroad safety herein provided for.

2. No motor carrier governed by the provisions of this chapter shalldeclare any stock, bond or scrip dividend or divide the proceeds of thesame of any stock, bond or scrip among its stockholders unless authorizedby the division so to do.

(RSMo 1939 § 5635, A.L. 1996 S.B. 780)

Prior revisions: 1929 § 5179; 1919 § 10467