§ 63-1-2 — [Articles of incorporation.]

Articles of incorporation must be prepared, setting forth: A. the name of the corporation; B. the purpose for which it is formed; C. the place where its principal business is to be transacted; D. the term for which it is to exist, not exceeding fifty years; E. the number of its directors, which shall not be less than five, nor more than eleven; and the names and residences of the persons who are appointed to act as such, until their successors are elected and qualified; F. the amount of its capital stock, which shall not exceed the amount actually required for the purposes of the corporation, as estimated by competent engineers, and the number of shares into which it is divided; G. the amount of capital stock actually subscribed, and by whom; H. the termini of its road and intermediate branches; I. the estimated length of its road and of each of its branches; J. that at least ten percent of its capital stock subscribed, has been paid to the treasurer of the intended corporation, giving his name and residence.

Legislative History

Laws 1878, ch. 1, ch. [tit.] 1, § 2; C.L. 1884, § 2623; C.L. 1897, § 3805; Code