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Official Code of Georgia Annotated

Title 46. PUBLIC UTILITIES AND PUBLIC TRANSPORTATION · Chapter 8. RAILROAD COMPANIES · Article 3. INCORPORATION AND CONSOLIDATION OF RAILROAD COMPANIES AND REQUIREMENTS AS TO DIRECTORS AND OFFICERS · Part 1. INCORPORATION, ORGANIZATION, SUBSCRIPTION OF CAPITAL STOCK, SELECTION OF OFFICERS AND DIRECTORS

46-8-44. Subscription to capital stock; par value of stock; subscription to all capital stock as prerequisite to beginning railroad construction.

Active

Current through: Including Acts of the 2025 Session of the General Assembly of Georgia.

  1. (a)

    When the certificate of incorporation has been issued, the persons named therein, in case they have not subscribed to the entire capital stock, may open books of subscription to complete the subscription to the capital stock of the company, in such places and after giving such notice as they may deem expedient, and may from time to time receive subscriptions until all of the capital stock is subscribed to.#

  2. (b)

    The capital stock of the company shall be divided into shares of $100.00 each.#

  3. (c)

    The company shall not begin the construction of the railroad until all of the capital stock specified in the petition for incorporation has been subscribed to.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Ga. L. 1892, p. 37, § 4; Civil Code 1895, §§ 2162, 2164; Civil Code 1910, §§ 2580, 2582; Code 1933, § 94-201.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Session of the General Assembly of Georgia.

Text read from t46-(v34)-2025-pdf.pdf, Volume V34, 2025 edition, page 686; merge action: bound only; file SHA-256 53ab60ae5027.