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

MISSOURI STATUTES AND CODES

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

Who may form corporation--articles of association--where filed.

388.030. 1. Any number of persons, not less than five, mayform a company for the purpose of constructing, maintaining andoperating a railroad for public use in the conveyance of personsand property; and for that purpose may make and sign articles ofassociation, in which shall be stated the name of the company,the number of years the same is to continue, the places from andto 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 eachcounty in the state through or into which it is made or intendedto be made, the amount of the capital stock of the company, whichshall not be less than ten thousand dollars for every mile ofstandard or broad gauge, nor less than five thousand dollars forevery mile of narrow gauge road constructed or proposed to beconstructed, and the number of shares of which said capital stockshall consist, and the names and places of residence of thedirectors of the company, not less than five nor more thantwenty-one in number, who shall manage its affairs for the firstyear, and until others are chosen in their places.

2. Each subscriber to such articles of association shallsubscribe thereto his name, place of residence, and the number ofshares 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 thesecretary of state, who shall endorse thereon the day they arefiled, and record the same in a book to be provided by him forthat purpose; and thereupon the persons who have so subscribedsuch articles of association, and all persons who shall becomestockholders in said company, shall be a corporation by the namespecified in such articles of the association, and shall possessthe powers and privileges granted to corporations, and be subjectto the provisions relating thereto contained in this chapter.