O.C.G.A.

O.C.G.A. § 46-8-44 (2019)

Subscription to capital stock; par value of stock; subscription to all capital stock as prerequisite to beginning railroad construction

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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(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.

(b) The capital stock of the company shall be divided into shares of $100.00 each.

(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.

History

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

Annotations

RESEARCH REFERENCES Am. Jur. 2d. - 18A Am. Jur. 2d, Corporations, §§ 222, 452, 505, 587, 589.

C.J.S. - 18 C.J.S., Corporations, §§ 41, 42, 131. 74 C.J.S., Railroads, § 35.