388.140. Transportation certificates may be issued--effect of.
Transportation certificates may be issued--effect of.
388.140. Any railroad company heretofore incorporated, orwhich may be hereafter organized or incorporated in this state inpursuance of law, may receive subscriptions to the capital stockof such company or corporation to aid in the construction orequipment of its road, to be known as "transportationsubscriptions", and the certificates of stock to be issuedthereon, as herein provided, shall be known as "transportationcertificates", each of which shall be for an amount equal to oneshare of stock in such company and may be issued to one or morepersons, and shall entitle the holder or holders thereof, ortheir assigns or legal representatives, to all the privileges ofa stockholder in such company, but shall not subject the holderto any liability for the debts or obligations of such company,and shall be an irrevocable and indefeasible first lien andcharge upon and against such railroad, and the roadbed, rollingstock and depots, engine houses and machine shops of suchcompany, then in possession of or thereafter acquired by suchcompany or its successor or successors or assigns, whether in thehands of such company or of any other person, company orcorporation whatsoever into whose hands or possession the samemay at any time come, until taken up, paid or discharged by suchcompany as herein provided, except the liens provided by law infavor of the employees of a railroad company, and in favor ofparties performing labor, or furnishing materials for theconstruction or the improvement of the roadbed, rolling stock,station houses, depots, bridges or culverts, and except as tomortgages recorded in the county or counties through which theline of such road runs or is proposed to be run, before the dateof the making of such subscription; which mortgages shall havethe preference only as to so much of such road and the propertyof such company as lies or is situated in counties in which thesame are at that time recorded; and such mortgage shall not haveany preference as a lien upon any property of such companyacquired after the time of making such subscriptions.
(RSMo 1939 § 5141)Prior revisions: 1929 § 4668; 1919 § 9858; 1909 § 3057