Missouri § 388.150 - Subscription for certificates, how taken — certificates to issue, when.

§ 388.150. Subscription for certificates, how taken — certificates to issue, when.

Whenever any railroad company shall decide, by a majority vote of the stockholders present at any regular meeting, to obtain subscriptions as provided for in section 388.140, they shall prepare a statement of the terms and conditions upon which they will take the same, together with the rates at which they propose to transport passengers and freight in exchange for such certificates, which statement shall be signed by the president and countersigned by the secretary of said company, and acknowledged in the manner in which conveyances of real estate are required by law to be acknowledged, and recorded in the office of the recorder of deeds of the county in which such subscriptions are proposed to be taken, before taking any subscriptions, and shall open a subscription book or books, which shall be headed with a copy of the statement aforesaid, and be ruled in appropriate columns for the names of subscribers, the number of shares subscribed for by each, date of the subscription, and the time and manner of payment, whether in money, property, material or work, which book or books shall be in duplicate, and so signed by all subscribers before their subscriptions shall be binding, one copy of which shall be retained by said company, and the other deposited and kept in the office and charge of the clerk of the county commission of the county in which the subscribers reside, who shall keep the same as a public record of his office, but never allow it to be taken therefrom; and upon so signing such subscription books, the signer or signers, respectively, shall severally become liable and bound to pay the amount, or perform the work or furnish the material by them respectively subscribed, at the time and place, and in the manner required by the terms of the subscription; and such company, its successors and assigns, shall be bound on its part by all the terms and stipulations thereof, and to issue certificates of stock as aforesaid, to each of said subscribers, upon their fulfillment of the terms of their several contracts and subscriptions; and any such company, its successors or assigns, failing or refusing to issue such certificate or certificates to any subscriber or subscribers, upon demand, after he or they shall have complied with the terms of his or their subscription or subscriptions, and done the work, or furnished the material, or deposited the money called for thereby with the treasurer of such company, or with the county treasurer of the county in which such subscriber resides, to the credit of such company, or refusing to take or accept the proportional part thereof in payment of freight charges or passenger fare, as herein provided, shall, in addition to all other liabilities for the breach of such contract, be liable to be enjoined at the suit of any one or more of the subscribers so aggrieved, against running trains upon, or in any wise operating or conducting such road until such certificate shall be issued or acceptance made.

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(RSMo 1939 § 5142)

Prior revisions: 1929 § 4669; 1919 § 9859; 1909 § 3058

---- end of effective  28 Aug 1939 ----

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