Power of division of motor carrier and railroad safety to requireaccount of disposition of proceeds of sales of stock, bonds--ifissued without authority, void--penalties and forfeitures--state notliable.
387.290. 1. The division of motor carrier and railroad safety shallhave the power to require motor carriers to account for the disposition ofthe proceeds of all sales of stocks, bonds, notes and other evidences ofindebtedness in such form and detail as it may deem advisable and toestablish such rules and regulations as it may deem reasonable andnecessary to insure the disposition of such proceeds for the purpose orpurposes specified in its order.
2. All stock, and every bond, note or evidence of indebtedness, of amotor carrier issued without an order of the division authorizing the samethen in effect shall be void, and likewise all stock, and every bond, noteor other evidence of indebtedness, of a motor carrier issued with theauthorization of the division, but not conforming in its provisions to theprovisions, if any, which it is required by the order of authorization ofthe division to contain, shall be void; but no failure in any other respectto comply with the terms or conditions of the order of authorization of thedivision shall render void any stock, or any bond, note or other evidenceof indebtedness, except as to a corporation or person taking the sameotherwise than in good faith and for value and without actual notice.
3. Every motor carrier, which directly or indirectly issues or causesto be issued, any stock or stock certificates, or bond, note or otherevidence of indebtedness, in nonconformity with the order of the divisionauthorizing the same, or contrary to the provisions of this chapter, or ofthe constitution of the state, or which applies the proceeds from the salethereof, or any part thereof, to any purpose other than the purpose orpurposes specified in the division's order, as herein provided, or to anypurpose specified in the division's order in excess of the amount in saidorder authorized for such purpose, is subject to a penalty of not less thanfive hundred dollars nor more than twenty thousand dollars for eachoffense.
4. Every officer, agent or employee of a motor carrier, and everyother person who knowingly authorizes, directs, aids in, issues orexecutes, or causes to be issued or executed, any stock, or bond, note orother evidence of indebtedness, in nonconformity with the order of thedivision authorizing the same, or contrary to the provisions of thischapter, or of the constitution of this state, or who, in any proceedingbefore the division, knowingly makes any false statement or representation,or with knowledge of its falsity files or causes to be filed with thedivision any false statement or representation which said statement orrepresentation so made, filed or caused to be filed may tend in any way toinfluence the division to make an order authorizing the issue of any stock,or any bond, note or other evidence of indebtedness, or which results inprocuring from the division the making of any such order, or who, withknowledge that any false statement or representation was made to thedivision in any proceeding, tending in any way to influence the division tomake such order, issues or executes or negotiates, or causes to be issued,executed or negotiated any such stock, or bond, note or other evidence ofindebtedness, or who directly or indirectly, knowingly applies, or causesor assists to be applied the proceeds or any part thereof, from the sale ofany stock, or bond, note or other evidence of indebtedness, to any purposenot specified in the division's order, or to any purpose specified in thedivision's order in excess of the amount authorized for such purpose, orwho, with knowledge that any stock, or bond, note or other evidence ofindebtedness, has been issued or executed in violation of any of theprovisions of this chapter, negotiates, or causes the same to benegotiated, shall be deemed guilty of a felony, and upon conviction, shallbe punished by a fine of not less than one thousand dollars nor more thanfive thousand dollars, or by imprisonment for not less than two years normore than five years, or by both such fine and imprisonment.
5. No provision of this chapter, and no deed or act done or performedunder or in connection therewith, shall be held or construed to obligatethe state of Missouri to pay or guarantee, in any manner whatsoever, anystock, or bond, note or other evidence of indebtedness, authorized, issuedor executed under the provisions of this chapter.
6. All stocks, and every bond, note or other evidence of indebtednessissued by any motor carrier after this chapter takes effect, upon theauthority of any articles of incorporation or amendments thereto or vote ofthe stockholders or directors filed, taken or had, or other proceedingstaken or had, previous to the taking effect of this chapter, shall be void,unless an order of the division authorizing the issue of such stock, orbonds, notes, or other evidences of indebtedness shall have been obtainedfrom the division prior to such issue. The division may by its orderimpose such condition or conditions as it may deem reasonable andnecessary.
Power of division of motor carrier and railroad safety to requireaccount of disposition of proceeds of sales of stock, bonds--ifissued without authority, void--penalties and forfeitures--state notliable.
387.290. 1. The division of motor carrier and railroad safety shallhave the power to require motor carriers to account for the disposition ofthe proceeds of all sales of stocks, bonds, notes and other evidences ofindebtedness in such form and detail as it may deem advisable and toestablish such rules and regulations as it may deem reasonable andnecessary to insure the disposition of such proceeds for the purpose orpurposes specified in its order.
2. All stock, and every bond, note or evidence of indebtedness, of amotor carrier issued without an order of the division authorizing the samethen in effect shall be void, and likewise all stock, and every bond, noteor other evidence of indebtedness, of a motor carrier issued with theauthorization of the division, but not conforming in its provisions to theprovisions, if any, which it is required by the order of authorization ofthe division to contain, shall be void; but no failure in any other respectto comply with the terms or conditions of the order of authorization of thedivision shall render void any stock, or any bond, note or other evidenceof indebtedness, except as to a corporation or person taking the sameotherwise than in good faith and for value and without actual notice.
3. Every motor carrier, which directly or indirectly issues or causesto be issued, any stock or stock certificates, or bond, note or otherevidence of indebtedness, in nonconformity with the order of the divisionauthorizing the same, or contrary to the provisions of this chapter, or ofthe constitution of the state, or which applies the proceeds from the salethereof, or any part thereof, to any purpose other than the purpose orpurposes specified in the division's order, as herein provided, or to anypurpose specified in the division's order in excess of the amount in saidorder authorized for such purpose, is subject to a penalty of not less thanfive hundred dollars nor more than twenty thousand dollars for eachoffense.
4. Every officer, agent or employee of a motor carrier, and everyother person who knowingly authorizes, directs, aids in, issues orexecutes, or causes to be issued or executed, any stock, or bond, note orother evidence of indebtedness, in nonconformity with the order of thedivision authorizing the same, or contrary to the provisions of thischapter, or of the constitution of this state, or who, in any proceedingbefore the division, knowingly makes any false statement or representation,or with knowledge of its falsity files or causes to be filed with thedivision any false statement or representation which said statement orrepresentation so made, filed or caused to be filed may tend in any way toinfluence the division to make an order authorizing the issue of any stock,or any bond, note or other evidence of indebtedness, or which results inprocuring from the division the making of any such order, or who, withknowledge that any false statement or representation was made to thedivision in any proceeding, tending in any way to influence the division tomake such order, issues or executes or negotiates, or causes to be issued,executed or negotiated any such stock, or bond, note or other evidence ofindebtedness, or who directly or indirectly, knowingly applies, or causesor assists to be applied the proceeds or any part thereof, from the sale ofany stock, or bond, note or other evidence of indebtedness, to any purposenot specified in the division's order, or to any purpose specified in thedivision's order in excess of the amount authorized for such purpose, orwho, with knowledge that any stock, or bond, note or other evidence ofindebtedness, has been issued or executed in violation of any of theprovisions of this chapter, negotiates, or causes the same to benegotiated, shall be deemed guilty of a felony, and upon conviction, shallbe punished by a fine of not less than one thousand dollars nor more thanfive thousand dollars, or by imprisonment for not less than two years normore than five years, or by both such fine and imprisonment.
5. No provision of this chapter, and no deed or act done or performedunder or in connection therewith, shall be held or construed to obligatethe state of Missouri to pay or guarantee, in any manner whatsoever, anystock, or bond, note or other evidence of indebtedness, authorized, issuedor executed under the provisions of this chapter.
6. All stocks, and every bond, note or other evidence of indebtednessissued by any motor carrier after this chapter takes effect, upon theauthority of any articles of incorporation or amendments thereto or vote ofthe stockholders or directors filed, taken or had, or other proceedingstaken or had, previous to the taking effect of this chapter, shall be void,unless an order of the division authorizing the issue of such stock, orbonds, notes, or other evidences of indebtedness shall have been obtainedfrom the division prior to such issue. The division may by its orderimpose such condition or conditions as it may deem reasonable andnecessary.
Power of division of motor carrier and railroad safety to requireaccount of disposition of proceeds of sales of stock, bonds--ifissued without authority, void--penalties and forfeitures--state notliable.
387.290. 1. The division of motor carrier and railroad safety shallhave the power to require motor carriers to account for the disposition ofthe proceeds of all sales of stocks, bonds, notes and other evidences ofindebtedness in such form and detail as it may deem advisable and toestablish such rules and regulations as it may deem reasonable andnecessary to insure the disposition of such proceeds for the purpose orpurposes specified in its order.
2. All stock, and every bond, note or evidence of indebtedness, of amotor carrier issued without an order of the division authorizing the samethen in effect shall be void, and likewise all stock, and every bond, noteor other evidence of indebtedness, of a motor carrier issued with theauthorization of the division, but not conforming in its provisions to theprovisions, if any, which it is required by the order of authorization ofthe division to contain, shall be void; but no failure in any other respectto comply with the terms or conditions of the order of authorization of thedivision shall render void any stock, or any bond, note or other evidenceof indebtedness, except as to a corporation or person taking the sameotherwise than in good faith and for value and without actual notice.
3. Every motor carrier, which directly or indirectly issues or causesto be issued, any stock or stock certificates, or bond, note or otherevidence of indebtedness, in nonconformity with the order of the divisionauthorizing the same, or contrary to the provisions of this chapter, or ofthe constitution of the state, or which applies the proceeds from the salethereof, or any part thereof, to any purpose other than the purpose orpurposes specified in the division's order, as herein provided, or to anypurpose specified in the division's order in excess of the amount in saidorder authorized for such purpose, is subject to a penalty of not less thanfive hundred dollars nor more than twenty thousand dollars for eachoffense.
4. Every officer, agent or employee of a motor carrier, and everyother person who knowingly authorizes, directs, aids in, issues orexecutes, or causes to be issued or executed, any stock, or bond, note orother evidence of indebtedness, in nonconformity with the order of thedivision authorizing the same, or contrary to the provisions of thischapter, or of the constitution of this state, or who, in any proceedingbefore the division, knowingly makes any false statement or representation,or with knowledge of its falsity files or causes to be filed with thedivision any false statement or representation which said statement orrepresentation so made, filed or caused to be filed may tend in any way toinfluence the division to make an order authorizing the issue of any stock,or any bond, note or other evidence of indebtedness, or which results inprocuring from the division the making of any such order, or who, withknowledge that any false statement or representation was made to thedivision in any proceeding, tending in any way to influence the division tomake such order, issues or executes or negotiates, or causes to be issued,executed or negotiated any such stock, or bond, note or other evidence ofindebtedness, or who directly or indirectly, knowingly applies, or causesor assists to be applied the proceeds or any part thereof, from the sale ofany stock, or bond, note or other evidence of indebtedness, to any purposenot specified in the division's order, or to any purpose specified in thedivision's order in excess of the amount authorized for such purpose, orwho, with knowledge that any stock, or bond, note or other evidence ofindebtedness, has been issued or executed in violation of any of theprovisions of this chapter, negotiates, or causes the same to benegotiated, shall be deemed guilty of a felony, and upon conviction, shallbe punished by a fine of not less than one thousand dollars nor more thanfive thousand dollars, or by imprisonment for not less than two years normore than five years, or by both such fine and imprisonment.
5. No provision of this chapter, and no deed or act done or performedunder or in connection therewith, shall be held or construed to obligatethe state of Missouri to pay or guarantee, in any manner whatsoever, anystock, or bond, note or other evidence of indebtedness, authorized, issuedor executed under the provisions of this chapter.
6. All stocks, and every bond, note or other evidence of indebtednessissued by any motor carrier after this chapter takes effect, upon theauthority of any articles of incorporation or amendments thereto or vote ofthe stockholders or directors filed, taken or had, or other proceedingstaken or had, previous to the taking effect of this chapter, shall be void,unless an order of the division authorizing the issue of such stock, orbonds, notes, or other evidences of indebtedness shall have been obtainedfrom the division prior to such issue. The division may by its orderimpose such condition or conditions as it may deem reasonable andnecessary.
