40-801

40-801. Stock subscription required to form
railroad corporation

When capital stock of at least one thousand dollars for each mile of a proposed
railroad is subscribed by not fewer than five persons who are citizens of the United
States, the subscribers, in person or by proxy, may adopt articles of incorporation for
the formation of a corporation to construct, own and maintain a railroad, and elect from
among themselves not fewer than five nor more than thirteen directors to constitute the
first board.