48:5-16 - Conditions precedent to filing of certificate
48:5-16. Conditions precedent to filing of certificate
The certificate of incorporation shall not be filed in the office of the secretary of state until there shall have been annexed thereto and filed therewith an affidavit, made by at least three of the directors in the certificate named, that at least one hundred thousand dollars has been, in good faith, subscribed and paid into the treasury of the company for stock for each terminal to be constructed by the company within this state, and that it is intended in good faith to construct, maintain and operate the bridges mentioned in the certificate. Nor shall the certificate be filed in such office until at least twenty-five thousand dollars has been in good faith subscribed and paid in cash to the directors for each terminal to be constructed in this state, and deposited by them with the treasurer of the state.
The treasurer of the state shall hold the sum so deposited subject to be repaid to the company or its treasurer upon the construction of what it shall be proved to his satisfaction that the company has expended at least twenty-five thousand dollars to construct, or to be repaid to the directors of the company upon satisfactory proof of the payment of all debts of the company and the dissolution thereof.