Section 387.280

Title XXV INCORPORATION AND REGULATION OF CERTAIN UTILITIES AND CARRIERS

Chapter 387

Effective - 28 Aug 1996   

  387.280.  Certificate of division of motor carrier and railroad safety to be recorded — stock dividends prohibited. — 1.  No motor carrier governed by the provisions of this chapter shall issue any stock, bonds, notes or other evidence of indebtedness, for money, property or services, either directly or indirectly, nor shall it receive any money, property or services in payment of the same, either directly or indirectly, until there shall have been recorded upon the books of such corporation or person the certificate of the division of motor carrier and railroad safety herein provided for.

  2.  No motor carrier governed by the provisions of this chapter shall declare any stock, bond or scrip dividend or divide the proceeds of the same of any stock, bond or scrip among its stockholders unless authorized by the division so to do.

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(RSMo 1939 § 5635, A.L. 1996 S.B. 780)

Prior revisions: 1929 § 5179; 1919 § 10467