388.430. Roadbed may be changed--gauge.
Roadbed may be changed--gauge.
388.430. 1. The directors of any railroad companyheretofore incorporated under any general or special law, or thatmay hereafter be organized under the provisions of this chapter,may, by a vote of two-thirds of their whole number, at any timechange their roadbed, or roadline, or any part thereof, for thepurpose of shortening the line or to overcome natural objectionsthereto, or to secure economy in its construction; and when thecapital stock of such company subscribed, and the amount paidthereon, shall be equal to or exceed the amount per mile,including the proposed extension, which, by section 388.040, isrequired to be subscribed and paid before filing the originalarticles of association, then such company may, by a like vote ofits directors, at any time extend its line or roadbed from eitherterminus named in its original charter to such other point asshall be named in such proceedings of such company.
2. And whenever the business of any railroad company whichmay have heretofore organized or which may hereafter organize toconstruct a railroad of any gauge may demand a change of thegauge thereof, or whenever for other causes such change of gaugemay become necessary or desirable, such company may, by a likevote of its directors, change its gauge, if a narrow, to a broador standard, and if a broad or standard, to a narrow gaugerailroad; provided, that if such railroad desiring such change ofgauge be a narrow gauge railroad, such change of gauge shall notbe made unless the capital stock of said company shall be atleast ten thousand dollars per mile of such road constructed, orshall be increased in the manner provided in this chapter to suchsum, nor unless there shall be subscribed in good faith at leastone thousand dollars per mile of such road constructed orproposed to be constructed, and five percent thereon paid incash, nor until such company shall pay into the state treasurythe sum of five dollars for every ten thousand dollars ofincreased capital stock made necessary by such change of gauge.Such proceedings in relation to the extension of their road shallbe entered on the record of the company, and a copy of suchproceedings, with an affidavit as required by section 388.040endorsed thereon, shall be filed in the office of the secretaryof state, and by him recorded and certified as the originalarticles of association. But nothing contained in this chaptershall be so construed as to authorize such company to change thegeneral route of their line or roadbed, or to avoid running theirroad through any point named in the original articles ofassociation, or either terminus named therein, or to change thelast established terminus except by extension of their road asaforesaid.
(RSMo 1939 § 5150)Prior revisions: 1929 § 4677; 1919 § 9867; 1909 § 3066