388.170. Certificates shall draw interest and be assignable. - Missouri Statutes

Certificates shall draw interest and be assignable.

388.170. Every certificate of stock issued under theprovisions of this chapter shall recite that fact upon its face;shall draw interest from date at six percent per annum, unlessotherwise agreed in the articles of subscription; and shall beassignable by endorsement, under the hand of the holder thereof,and shall entitle the holder or his assignee to an amount oftransportation, either freight or passenger, in his own right orat his request, over any and all parts of the road of suchcompany, its successors, assigns, lessees, or any companyoperating the same at the time, to an amount equal to the facevalue thereof and accrued interest, if any, at rates notexceeding those set forth in the recorded statement hereinprovided for, provided, that such company shall have a right torequire one-half of each freight bill, or of the fare for eachtrip, to be paid in cash, and that the remainder only shall becredited thereon until the amount due and unpaid shall be lessthan one-eighth thereof after which such holder shall be entitledto freight or passage to an amount equal to the balance duethereon until the same is all paid, when it shall be delivered upto said company, and the rights of such holder thereunder shallcease; provided further, that no assignment of any suchcertificate shall create any other or greater liability in theassignor than is expressly created by such assignment.

(RSMo 1939 § 5144)

Prior revisions: 1929 § 4671; 1919 § 9861; 1909 § 3060