391.010. Requirements for incorporating street railway companies.

MISSOURI STATUTES AND CODES

391.010. Requirements for incorporating street railway companies.

Requirements for incorporating street railway companies.

391.010. 1. Any number of persons, not less than five, mayform a company for the purpose of constructing, maintaining andoperating a street railroad for public use in the conveyance ofpersons, mail and express parcels; and for that purpose may makeand sign articles of association in which shall be stated thename of the company, the number of years the same is to continue,the city and county in which the road is to be constructed ormaintained and operated, the amount of the capital stock, commonand preferred, of the company, and the number of shares of whichsaid capital stock shall consist, and the names and places ofresidence of the directors, not less than five nor more thanthirteen in number, who shall manage its affairs for the firstyear and until others are chosen in their places. Eachsubscriber to such articles of association shall subscribethereto his name, place of residence and the number of shares ofstock he agrees to take in said company.

2. When one-half of the capital stock shall have beensubscribed and ten percent paid thereon in good faith to thedirectors named in said articles of association, and an affidavitannexed thereto, made by at least three of the directors namedtherein, that one-half of the stock of the said proposedcorporation has been in good faith subscribed, and ten percent ofthe amount so subscribed has been paid, and that it is intendedin good faith to construct or maintain and operate the roadmentioned in such articles of association, the said originalarticles of association shall be recorded in the office of therecorder of deeds of the county or city in which the corporationis to be located and then be filed in the office of the secretaryof state, and thereupon the said association shall by the namementioned in the said articles of association become a bodypolitic and corporate with the powers, rights and franchises,herein specified; provided, the said articles of associationshall not be filed and recorded until such association orcorporation shall pay to the state director of revenue fiftydollars for the first fifty thousand dollars or less of thecapital stock of the corporation, and a further sum of fivedollars for every additional ten thousand dollars of the capitalstock.