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