§ 66-1 — Articles and certificate.

Oklahoma § 66-1

• Jurisdiction: Oklahoma
• Title 66: Railroads

Text

Any number of persons, not less than five, may form a corporation for the purpose of constructing, maintaining and operating a railroad for the transportation of freight and passengers, and for the purpose of maintaining and operating any railroad already constructed for the like purpose, by making articles of organization in which shall be stated: 1. Name - the name of the corporation. 2. Termini - the place from and to which such railroad is to be constructed, or maintained and operated, as the case may be. 3. Length and route - the estimated length of such railroad and name of each county in this state through or into which it is made or intended to be made. 4. Stock - the amount of the capital stock of the corporation, the number of shares of which it shall consist, and if such stock shall consist of common and preferred stock, the number and amount of each class. 5. Directors and their duty - the names and residences of the directors of the corporation, who shall manage its affairs for the first year, and until others are chosen in their places, and who shall be not less than five (5) nor more than thirteen (13) in number; and each such person shall subscribe thereto his name, place of residence, and the number of shares of stock he agrees to take in such corporation. There shall be annexed to such articles an affidavit of at least three of the directors therein named, that the signatures thereto are genuine, and that it is intended in good faith to construct or maintain and operate the railroad therein mentioned; and thereupon said articles and affidavits shall be filed in the office of the Secretary of State, who shall endorse thereon the date of their filing, and record the same. After such filing a patent under the seal of the state, signed by the Governor and Secretary of State, shall be issued in substantially the following form: To all to whom these presents shall come, Greeting: Whereas (naming the person subscribing the articles of organization), have filed in the office of the Secretary of State certain articles of organization with a view of forming a corporation to be known as (here insert the name), and with a capital of (here insert the amount), for the purpose of constructing, maintaining and operating or maintaining and operating a railroad from ............. to ..............and having complied with the provisions of the statutes in such cases made and provided; therefore the State of Oklahoma hereby grants unto the above-named persons and their associates, successors and assigns, full authority by and under the said name of ..........to exercise the powers and privileges of a corporation for the purpose above stated and in accordance with their said articles of organization and the laws of this state. In witness whereof these presents have been attested with the great seal and signed and countersigned by the Governor and Secretary of State at ...........the ............day of .............., in the year one thousand nine hundred and ............................ ........................ Governor. ........................ Secretary of State. Upon the issue of such patent, the subscribers to such articles, and all persons who shall hereafter become stockholders in such corporation shall be a corporation by the name specified in such articles, and shall possess all the powers and privileges, and be subject to all the provisions of the law regulating railroad corporations and the provisions of this chapter applicable thereto.

Legislative History

R.L. 1910, § 1376.