2012 Arizona Revised Statutes
Title 40 Public Utilities and Carriers
40-801 Stock subscription required to form railroad corporation
40-801. Stock subscription required to form railroad corporation
When capital stock of at least one thousand dollars for each mile of a proposed railroad is subscribed by not fewer than five persons who are citizens of the United States, the subscribers, in person or by proxy, may adopt articles of incorporation for the formation of a corporation to construct, own and maintain a railroad, and elect from among themselves not fewer than five nor more than thirteen directors to constitute the first board.
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