§ 49-30-1 — Organization of company--Articles of incorporation--Contents of articles--Subscription by incorporators.

Any number of persons not less than three may form a corporation for the purpose of constructing, maintaining, and operating lines of telegraph or telephone in this state, and for the purpose of carrying on the business of a telegraph or telephone company, or for the purpose of maintaining and operating any lines of telegraph or telephone already constructed, by making articles of incorporation in which shall be stated: (1) The name of the corporation, which may not be the same as that of any other corporation owning or operating lines of telegraph or telephone in this state; (2) The place from which and to which such lines of telegraph or telephone are to be constructed, or maintained and operated, as the case may be; (3) The estimated length of such lines of telegraph or telephone, and the name of each county in this state through or into which they are extended or intended to be constructed; (4) The amount of 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) 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 may not be less than three nor more than thirteen in number; (6) The term for which the corporation shall exist, which may be perpetual; (7) The place within this state where the principal office of the corporation shall be maintained, and where the corporate records and stock books of the corporation shall be kept. Each of the incorporators shall subscribe to the articles of incorporation the incorporator's name, place of residence, and the number of shares of stock the incorporator agrees to take in such corporation.

Legislative History

SDC 1939, § 52.1303; SL 2001, ch 255, § 1; SL 2018, ch 265, § 1.