Three or more persons desiring to form themselves into a corporation for the purpose of building and operating a railroad or for the purpose of carrying on a street railway, steamboat or canal business may file with the Secretary of State a written declaration and petition, signed by themselves, setting forth:

(1) The names and residences of the declarants;

(2) The name of the proposed corporation;

(3) The place at which it proposes to have its principal place of business;

(4) The general nature of the business it proposes to do, giving in detail all the powers and privileges which it proposes to assume or claim under the provisions of the Constitution and laws of the State and

(a) in case of a railroad corporation, its termini and route and the counties, townships, cities and towns through which the proposed road shall pass; the total length of the road; whether any portion of it has already been constructed and, if so, how much; the motive power proposed to be used, whether steam or electricity; the gauge of the road, whether standard or narrow; whether the proposed road will be altogether within the limits of this State or will be extended into some other state and, if it is proposed that such road shall be constructed to a point without the State, whether the corporation organizing expects to operate the line as an independent corporation or to consolidate with some other established railroad or company; and any other matter which the declarants may deem important,

(b) in case of steamboat companies, the termini of the line; the nature of the proposed equipment and whether it is proposed to operate a passenger or freight line or both,

(c) in case of a street railway, the city or town it proposes to do business in and the motive power and

(d) in the case of a canal company, the termini of the canal proposed to be constructed; the river or rivers, stream or streams or body or bodies of water to be used or connected; and whether the canal is to be used for navigation, hydroelectric power and lighting or water supply, or for any or all such purposes;

(5) The minimum amount of the capital stock upon which the corporation may organize and the maximum amount to which such capital stock may thereafter be increased and the par value thereof and how payable, if subscriptions are to be payable in installments and the date of payment and amount of installments; and

(6) That it is proposed to organize such corporation under the provisions of this chapter, naming it by its title.

HISTORY: 1962 Code Section 58-651; 1952 Code Section 58-651; 1942 Code Section 8179; 1932 Code Section 8179; Civ. C. '22 Section 4359; Civ. C. '12 Section 2873; Civ. C. '02 Section 1917; 1899 (23) 64; 1921 (32) 146; 1927 (35) 30.