Section 4. The agreement of association shall state—
(a) That the subscribers thereto associate themselves with the intention of forming a trolleymotor or trackless trolley company;
(b) The corporate name assumed, which shall be one not in use by any other trolleymotor or trackless trolley company, or by any street railway company, or, in the judgment of the department, so similar thereto as to be likely to be mistaken for it, and shall contain words indicating the object of the company;
(c) The termini of the proposed route;
(d) The length of the proposed route as nearly as may be;
(e) The name of each county, city and town where the proposed route is to be situated;
(f) The total amount of the capital stock of the company, which shall not be less than two thousand dollars for each mile, nor in any event less than twenty thousand dollars;
(g) The par value of the shares, which shall be one hundred dollars;
(h) The names and residences of at least five persons, who shall be subscribers to the agreement of association, to act as directors until others are chosen and qualify in their stead.
Each associate shall subscribe to the agreement of association his name, residence, post office address, and the number of shares of stock which he agrees to take, but no subscriber shall be bound to pay more than ten per cent of the amount of his subscription unless the company is incorporated.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
