388.060. Corporate powers to cease, when. - Missouri Statutes

Corporate powers to cease, when.

388.060. If any corporation formed under this chapter shallnot, within two years after its articles of association are filedand recorded in the office of the secretary of state, begin theconstruction of its road, and shall not within one yearthereafter expend thereon not less than ten percent on the amountof its capital, or shall not finish its road and put it inoperation in ten years from the time of filing its articles ofassociation as aforesaid, its corporate existence and powersshall cease; provided, that if a portion of its road shall befinished and in operation, it shall continue its corporateexistence, with power to hold and manage the portion of its roadso constructed, and for no other purpose.

(RSMo 1939 § 5248)

Prior revisions: 1929 § 4810; 1919 § 9999; 1909 § 3212