Common carriers may issue stocks, bonds or other forms ofindebtedness, when--approval of the division of motor carrier andrailroad safety.
387.270. 1. A motor carrier organized or existing, or hereafterincorporated, under or by virtue of the laws of the state of Missouri, mayissue stocks, bonds, notes or other evidences of indebtedness payable atperiods of more than twelve months after the date thereof, when necessaryfor the acquisition of property, the construction, completion, extension orimprovement of its facilities, or for the improvement or maintenance of itsservice, or for the discharge or lawful refunding of its obligations, orfor the reimbursement of moneys actually expended from income, or from anyother moneys in the treasury of the corporation not secured by or obtainedfrom the issue of stocks, bonds, notes or other evidence of indebtedness ofsuch corporation, within five years next prior to the filing of anapplication with the division of motor carrier and railroad safety forthe required authorization, for any of the aforesaid purposes exceptmaintenance of service and except replacements in cases where the applicantshall have kept its accounts and vouchers of such expenditure in suchmanner as to enable the division to ascertain the amount of moneys soexpended and the purposes for which such expenditure was made; provided,and not otherwise, that there shall have been secured from the divisionan order authorizing such issue, and the amount thereof, and stating thepurposes to which the issue or proceeds thereof are to be applied, andthat, in the opinion of the division, the money, property or labor to beprocured or paid for by the issue of such stocks, bonds, notes or otherevidence of indebtedness is or has been reasonably required for thepurposes specified in the order, and that except as otherwise permittedin the order in the case of bonds, notes and other evidence ofindebtedness, such purposes are not, in whole or in part, reasonablychargeable to operating expenses or to income.
2. For the purpose of enabling it to determine whether it shouldissue such an order, the division shall make such inquiry or investigation,hold such hearings and examine such witnesses, books, papers, documents orcontracts as it may deem of importance in enabling it to reach adetermination. Such corporation shall not without the consent of thedivision apply said issue or any proceeds thereof to any purpose notspecified in such order.
3. Such motor carrier may issue notes, for proper corporate purposesand not in violation of any provision of this chapter, or any other law,payable at periods of not more than twelve months without such consent, butno such notes shall, in whole or in part, directly or indirectly, berefunded, by any issue of stock or bonds or by any evidence of indebtednessrunning for more than twelve months without the consent of the division;provided, however, that the division shall have no power to authorize thecapitalization of any franchise to be a corporation or to authorize thecapitalization of any franchise or the right to own, operate or enjoy anyfranchise whatsoever in excess of the amount (exclusive of any tax orannual charge) actually paid to the state or to a political subdivisionthereof as the consideration for the grant of such franchise or right; norshall the capital stock of a corporation formed by the merger orconsolidation of two or more other corporations, exceed the sum of thecapital stock of the corporation so consolidated, at the par value thereof,or such sum and any additional sum actually paid in cash; nor shall anycontract for consolidation or lease be capitalized in the stock of anycorporation whatever; nor shall any corporation hereafter issue any bondsagainst or as a lien upon any contract for consolidation or merger.
Common carriers may issue stocks, bonds or other forms ofindebtedness, when--approval of the division of motor carrier andrailroad safety.
387.270. 1. A motor carrier organized or existing, or hereafterincorporated, under or by virtue of the laws of the state of Missouri, mayissue stocks, bonds, notes or other evidences of indebtedness payable atperiods of more than twelve months after the date thereof, when necessaryfor the acquisition of property, the construction, completion, extension orimprovement of its facilities, or for the improvement or maintenance of itsservice, or for the discharge or lawful refunding of its obligations, orfor the reimbursement of moneys actually expended from income, or from anyother moneys in the treasury of the corporation not secured by or obtainedfrom the issue of stocks, bonds, notes or other evidence of indebtedness ofsuch corporation, within five years next prior to the filing of anapplication with the division of motor carrier and railroad safety forthe required authorization, for any of the aforesaid purposes exceptmaintenance of service and except replacements in cases where the applicantshall have kept its accounts and vouchers of such expenditure in suchmanner as to enable the division to ascertain the amount of moneys soexpended and the purposes for which such expenditure was made; provided,and not otherwise, that there shall have been secured from the divisionan order authorizing such issue, and the amount thereof, and stating thepurposes to which the issue or proceeds thereof are to be applied, andthat, in the opinion of the division, the money, property or labor to beprocured or paid for by the issue of such stocks, bonds, notes or otherevidence of indebtedness is or has been reasonably required for thepurposes specified in the order, and that except as otherwise permittedin the order in the case of bonds, notes and other evidence ofindebtedness, such purposes are not, in whole or in part, reasonablychargeable to operating expenses or to income.
2. For the purpose of enabling it to determine whether it shouldissue such an order, the division shall make such inquiry or investigation,hold such hearings and examine such witnesses, books, papers, documents orcontracts as it may deem of importance in enabling it to reach adetermination. Such corporation shall not without the consent of thedivision apply said issue or any proceeds thereof to any purpose notspecified in such order.
3. Such motor carrier may issue notes, for proper corporate purposesand not in violation of any provision of this chapter, or any other law,payable at periods of not more than twelve months without such consent, butno such notes shall, in whole or in part, directly or indirectly, berefunded, by any issue of stock or bonds or by any evidence of indebtednessrunning for more than twelve months without the consent of the division;provided, however, that the division shall have no power to authorize thecapitalization of any franchise to be a corporation or to authorize thecapitalization of any franchise or the right to own, operate or enjoy anyfranchise whatsoever in excess of the amount (exclusive of any tax orannual charge) actually paid to the state or to a political subdivisionthereof as the consideration for the grant of such franchise or right; norshall the capital stock of a corporation formed by the merger orconsolidation of two or more other corporations, exceed the sum of thecapital stock of the corporation so consolidated, at the par value thereof,or such sum and any additional sum actually paid in cash; nor shall anycontract for consolidation or lease be capitalized in the stock of anycorporation whatever; nor shall any corporation hereafter issue any bondsagainst or as a lien upon any contract for consolidation or merger.
Common carriers may issue stocks, bonds or other forms ofindebtedness, when--approval of the division of motor carrier andrailroad safety.
387.270. 1. A motor carrier organized or existing, or hereafterincorporated, under or by virtue of the laws of the state of Missouri, mayissue stocks, bonds, notes or other evidences of indebtedness payable atperiods of more than twelve months after the date thereof, when necessaryfor the acquisition of property, the construction, completion, extension orimprovement of its facilities, or for the improvement or maintenance of itsservice, or for the discharge or lawful refunding of its obligations, orfor the reimbursement of moneys actually expended from income, or from anyother moneys in the treasury of the corporation not secured by or obtainedfrom the issue of stocks, bonds, notes or other evidence of indebtedness ofsuch corporation, within five years next prior to the filing of anapplication with the division of motor carrier and railroad safety forthe required authorization, for any of the aforesaid purposes exceptmaintenance of service and except replacements in cases where the applicantshall have kept its accounts and vouchers of such expenditure in suchmanner as to enable the division to ascertain the amount of moneys soexpended and the purposes for which such expenditure was made; provided,and not otherwise, that there shall have been secured from the divisionan order authorizing such issue, and the amount thereof, and stating thepurposes to which the issue or proceeds thereof are to be applied, andthat, in the opinion of the division, the money, property or labor to beprocured or paid for by the issue of such stocks, bonds, notes or otherevidence of indebtedness is or has been reasonably required for thepurposes specified in the order, and that except as otherwise permittedin the order in the case of bonds, notes and other evidence ofindebtedness, such purposes are not, in whole or in part, reasonablychargeable to operating expenses or to income.
2. For the purpose of enabling it to determine whether it shouldissue such an order, the division shall make such inquiry or investigation,hold such hearings and examine such witnesses, books, papers, documents orcontracts as it may deem of importance in enabling it to reach adetermination. Such corporation shall not without the consent of thedivision apply said issue or any proceeds thereof to any purpose notspecified in such order.
3. Such motor carrier may issue notes, for proper corporate purposesand not in violation of any provision of this chapter, or any other law,payable at periods of not more than twelve months without such consent, butno such notes shall, in whole or in part, directly or indirectly, berefunded, by any issue of stock or bonds or by any evidence of indebtednessrunning for more than twelve months without the consent of the division;provided, however, that the division shall have no power to authorize thecapitalization of any franchise to be a corporation or to authorize thecapitalization of any franchise or the right to own, operate or enjoy anyfranchise whatsoever in excess of the amount (exclusive of any tax orannual charge) actually paid to the state or to a political subdivisionthereof as the consideration for the grant of such franchise or right; norshall the capital stock of a corporation formed by the merger orconsolidation of two or more other corporations, exceed the sum of thecapital stock of the corporation so consolidated, at the par value thereof,or such sum and any additional sum actually paid in cash; nor shall anycontract for consolidation or lease be capitalized in the stock of anycorporation whatever; nor shall any corporation hereafter issue any bondsagainst or as a lien upon any contract for consolidation or merger.
