[Subscriptions to capital stock; minimum amount paid in.]

The corporators of each intended corporation, before filing articles of incorporation, must have actually subscribed to the capital stock of the corporation at least one thousand dollars [($1,000)] for each mile of its road and branches, and at least ten percent thereof must have been paid for the benefit of the corporation, to a treasurer appointed by the subscribers in its articles of incorporation, or their attorneys-in-fact as aforesaid. History: Laws 1878, ch. 1, ch. [tit.] 1, § 4; C.L. 1884, § 2625; C.L. 1897, § 3807; Code 1915, § 4656; C.S. 1929, § 116-104; 1941 Comp., § 74-104; 1953 Comp., § 69-1-4.