If any railway corporation, within two years after its articles of association have been filed and recorded, does not begin the construction of its road and expend thereon twenty percent of the amount of its capital within five years after the date of its organization, its corporate existence and power shall cease; but any such railway corporation at any time may reduce its capital stock in the manner and form provided by the laws of this state, and if twenty percent of the amount of its capital, as so reduced, has at any time been expended in good faith in the construction of its road, then its corporate existence and power shall not cease or be deemed to have ceased.
Source: G.L. § 303. G.S. § 337. L. 1889: p. 95 § 1. R.S. 08: § 5413. C.L. § 2818. CSA: C. 139, § 4. CRS 53: § 116-1-5. C.R.S. 1963: § 116-1-5.
Structure Colorado Code
Article 20 - Organization and Government
§ 40-20-101. Certificate of Incorporation
§ 40-20-102. Powers of Corporation
§ 40-20-104. May Guarantee Bonds and Interest
§ 40-20-105. Construction Started Within Two Years
§ 40-20-106. Directors - Election
§ 40-20-107. Stockholders to Fix Interest and Loans
§ 40-20-108. Purchase or Lease of Other Lines - Sale
§ 40-20-109. Dining Cars Need No License
§ 40-20-110. Title to Equipment
§ 40-20-111. Lease May Stipulate Sale