391.020. Powers of corporation. - Missouri Statutes

Powers of corporation.

391.020. Every corporation formed under the provisions ofthis chapter shall have power

(1) To construct or maintain and operate its railroad along,across or over the streets of any incorporated city or town orthe roads of any county; provided, the consent thereto of themunicipal authorities of such city or town or the countycommission of such county is first obtained; provided, municipalauthorities of cities or towns shall not grant the right-of-wayover, along or across any street, except upon the petition of theowners of the land representing more than one-half the frontageof the street or so much thereof as is sought to be used forstreetcar purposes, and when the street or parts thereof that issought to be used shall be more than one mile in extent, nopetition of landowners shall be valid unless the same shall besigned by the owners of the land representing more than one-halfthe frontage of each mile and of the fraction of the mile, ifany, in excess of the whole mile measuring from the initial pointnamed in such petition such street or parts thereof sought to beused for such purposes;

(2) To operate its road by animal, cable, electric or othermotive power, as the consent of the use of which said power maybe obtained from the public authorities of such city, town orcounty;

(3) To receive and collect such fares for the transportationof persons, express and mails as may be provided in the saidconsent of said public authorities of such city, town or countygiven as aforesaid;

(4) To acquire by grant a right-of-way not to exceed fiftyfeet in width over private property, and to construct or maintainand operate its roads thereon;

(5) To purchase and acquire depots, powerhouse sites orterminals;

(6) To issue bonds payable in such amount and at such timesand places as it deems best, and may dispose of the same for thepurposes of its incorporation, and to secure payment of the same,may mortgage its property, real and personal, and also thefranchise of the company;

(7) To purchase, lease or acquire by other lawful contract,which shall include the right to purchase the capital stock andbonds of other street railroad companies, and to hold and disposeof the same, and to hold, use and operate any street railroad orroads, with all and singular its or their franchises andproperties of every description belonging to any other streetrailroad corporation or corporations; provided, that suchpurchase, lease or other contract be authorized or approved bythe vote of the holders of two-thirds in amount of the capitalstock of the company so purchasing, leasing or otherwisecontracting therefor at a meeting called for that purpose upontwenty days' notice published in some newspaper of the city orcounty where the general office of such street railroad companymay be located, or by written notice mailed to the last knownaddress of each registered stockholder twenty days before suchmeeting; and provided further, such roads connect with orintersect each other, so as to allow a single passage one wayover each road for a single fare;

(8) To sell, lease or dispose of by any other lawfulcontract, to any other street railroad company, its railroadrights, franchises, including the right to be a corporation, andall and singular its other properties of every character anddescription; provided, that such sale, lease or other contractdisposing of its railroad, franchises and other properties, shallbe first authorized or approved by the vote of two-thirds inamount of the holders of its capital stock at a regular or calledmeeting of its stockholders convened pursuant to such notice asis required in subdivision (7);

(9) To have and enjoy all such other powers and franchisesas are usually had, enjoyed and exercised by street railroadcompanies in addition to the powers herein enumerated.

(RSMo 1939 § 5316)

Prior revisions: 1929 § 4911; 1919 § 10122; 1909 § 3316

CROSS REFERENCES:

Issuance of stocks or bonds, conditions precedent--stock dividends prohibited, RSMo 387.280

Stocks, bonds and notes regulated, how, RSMo 387.240, 387.270