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Railroads | |
General Provisions | |
Section 3 | Stock subscriptions -- Minimum requirements. |
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56-1-3. Stock subscriptions -- Minimum requirements. The Division of Corporations and Commercial Code shall not issue a certificate of incorporation to any railroad corporation which proposes to construct a railroad until it shall appear by the affidavit of at least three of the incorporators that $1,000 for each mile in length of the railroad proposed to be constructed shall have been subscribed, and that 10% of the stock subscribed by each stockholder has been paid in.
Amended by Chapter 67, 1984 General Session |
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