Section 388.040

Title XXV INCORPORATION AND REGULATION OF CERTAIN UTILITIES AND CARRIERS

Chapter 388

Effective - 28 Aug 1939   

  388.040.  Articles of association, when filed — incorporation fee. — 1.  Such articles of association shall not be filed and recorded in the office of the secretary of state, until at least one thousand dollars of stock for every mile of standard or broad gauge railroad, nor until at least five hundred dollars of stock for every mile of narrow gauge railroad proposed to be made, is subscribed thereto and five percent paid thereon, in good faith and in cash to the directors named in said articles of association; nor until there is endorsed thereon, or annexed thereto an affidavit, made by at least three of the directors named in said articles, that the amount of stock required by this section has been in good faith subscribed, and five percent paid in cash thereon, as aforesaid, and that it is intended, in good faith, to construct or maintain and operate the broad, standard or narrow gauge road mentioned in such articles of association; which affidavit shall be recorded with the articles of association, as aforesaid.

  2.  Provided, that such articles of association shall not be filed and recorded until such corporation or association shall pay into the state treasury fifty dollars for the first fifty thousand dollars or less of the capital stock of the corporation or association, and a further sum of five dollars for every additional ten thousand dollars of its capital stock, as provided by law.

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(RSMo 1939 § 5135)

Prior revisions: 1929 § 4662; 1919 § 9852; 1909 § 3051

CROSS REFERENCE:

Incorporation fees for business corporations generally, 351.065