CHAPTER 367 FORMATION AND UNION OF RAILROAD CORPORATIONS; LEASES AND EXTENSIONS
Formation of a Railroad Corporation
Section 367:2
367:2 Articles of Agreement. –
The articles of agreement shall set forth the name of the corporation; the termini of the proposed railroad; its length, as nearly as may be; the name of each city, town and county through or into which its route will extend; its gauge; the amount of the capital stock of the corporation; the appointment of at least 7 of the subscribers to act as directors of the corporation until others are chosen, a majority of whom shall be residents of the state; and a provision that each subscriber will take the number of shares of the capital stock set opposite to his name and will pay the par value thereof, subject to the condition that he shall not be bound to pay more than 10 percent of the amount of his subscription unless the corporation is established. The articles shall be signed by the associates, and each shall affix to his signature his residence, post office address and the number of shares of the capital stock which he agrees to take.