Utah Code 56-1-3. Stock subscriptions — Minimum requirements
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Terms Used In Utah Code 56-1-3
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The Division of Corporations and Commercial Code shall not issue a certificate of incorporation to any railroad corporation which proposes to construct a railroad until it shall appear by the affidavit of at least three of the incorporators that $1,000 for each mile in length of the railroad proposed to be constructed shall have been subscribed, and that 10% of the stock subscribed by each stockholder has been paid in.
Amended by Chapter 67, 1984 General Session