§ 58-15-70 — Filing and contents of incorporators' return.

Upon the completion of the organization of any such corporation, the incorporators shall immediately file in the office of the Secretary of State a return, under their hands and seals, duly attested, sworn to or acknowledged before some officer qualified to administer an oath, that the requirements of Sections 58-15-10 to 58-15-60 have been complied with, that at least fifty per cent of the capital stock has been subscribed, that at least twenty per cent of the amount subscribed has been paid in or secured and, in the case of a railroad company, that at least five hundred dollars per mile has been subscribed and at least twenty per cent of the amount subscribed has been paid or secured. In the event that a survey of the proposed route of a railroad company shall have been made a copy of the profile map of such route shall be filed with such return and in case no survey shall have been made the return shall aver an intention to file such map within one year from the date of such return. Such return shall further show the names and residences of the subscribers, the amount subscribed by each and the names and residences of the members of the board of directors, the president and the secretary of the company.

Legislative History

HISTORY: 1962 Code SECTION 58-658; 1952 Code SECTION 58-658; 1942 Code SECTION 8183; 1932 Code SECTION 8183; Civ. C. '22 SECTION 4363; Civ. C. '12 SECTION 2877; Civ. C. '02 SECTION 1921; 1899 (23) 64.