388.150. Subscription for certificates, how taken--certificates to issue, when.
Subscription for certificates, how taken--certificatesto issue, when.
388.150. Whenever any railroad company shall decide, by amajority vote of the stockholders present at any regular meeting,to obtain subscriptions as provided for in section 388.140, theyshall prepare a statement of the terms and conditions upon whichthey will take the same, together with the rates at which theypropose to transport passengers and freight in exchange for suchcertificates, which statement shall be signed by the presidentand countersigned by the secretary of said company, andacknowledged in the manner in which conveyances of real estateare required by law to be acknowledged, and recorded in theoffice of the recorder of deeds of the county in which suchsubscriptions are proposed to be taken, before taking anysubscriptions, and shall open a subscription book or books, whichshall be headed with a copy of the statement aforesaid, and beruled in appropriate columns for the names of subscribers, thenumber of shares subscribed for by each, date of thesubscription, and the time and manner of payment, whether inmoney, property, material or work, which book or books shall bein duplicate, and so signed by all subscribers before theirsubscriptions shall be binding, one copy of which shall beretained by said company, and the other deposited and kept in theoffice and charge of the clerk of the county commission of thecounty in which the subscribers reside, who shall keep the sameas a public record of his office, but never allow it to be takentherefrom; and upon so signing such subscription books, thesigner or signers, respectively, shall severally become liableand bound to pay the amount, or perform the work or furnish thematerial by them respectively subscribed, at the time and place,and in the manner required by the terms of the subscription; andsuch company, its successors and assigns, shall be bound on itspart by all the terms and stipulations thereof, and to issuecertificates of stock as aforesaid, to each of said subscribers,upon their fulfillment of the terms of their several contractsand subscriptions; and any such company, its successors orassigns, failing or refusing to issue such certificate orcertificates to any subscriber or subscribers, upon demand, afterhe or they shall have complied with the terms of his or theirsubscription or subscriptions, and done the work, or furnishedthe material, or deposited the money called for thereby with thetreasurer of such company, or with the county treasurer of thecounty in which such subscriber resides, to the credit of suchcompany, or refusing to take or accept the proportional partthereof in payment of freight charges or passenger fare, asherein provided, shall, in addition to all other liabilities forthe breach of such contract, be liable to be enjoined at the suitof any one or more of the subscribers so aggrieved, againstrunning trains upon, or in any wise operating or conducting suchroad until such certificate shall be issued or acceptance made.
(RSMo 1939 § 5142)Prior revisions: 1929 § 4669; 1919 § 9859; 1909 § 3058