Any number of persons, not fewer than three (3), being subscribers of the stock of any contemplated railroad corporation and desiring to form a railroad corporation under the laws of this state, may do so by first filing an application with the Arkansas State Highway and Transportation Department, setting forth the following information:
(1) The name of the proposed corporation. The corporate name must end with abbreviation "Inc." or must include the word "corporation" or "incorporation" or may include the word "company" or the abbreviation "Co." if that word or abbreviation is not immediately preceded by the word "and" or the abbreviation "&";
(2) The purpose of the corporation;
(3) The duration of the corporation, which may be perpetual or limited;
(4) The name of its resident agent, which resident agent may be either an individual or a corporation, and the address of the resident agent must be shown with particularity;
(5) If the corporation is to be authorized to issue:
(A) Only one (1) class of stock, the total number of shares of stock which the corporation shall have authority to issue, and:
(i) The par value of each of the shares; or
(ii) A statement that all the shares are to be without par value; or
(B) More than one (1) class of stock, the total number of shares of all classes which the corporation shall have authority to issue, and:
(i) The number of the shares of each class thereof that are to have a par value and the par value of each share of each such class;
(ii) The number of shares that are to be without par value; and
(iii) A statement of all or any of the designations and the powers, preferences, and rights, and the qualifications and limitations or restrictions thereof which are permitted by the provisions of the laws of this state governing the issuance of stock by private corporations in respect to any classes of stock of the corporation and the fixing of which by means of the articles of incorporation is desired and an express grant of such authority as it may then be desired to grant to the board of directors to fix, by resolutions, such powers, preferences, rights, qualifications, limitations, and restrictions that may be desired but which shall not be fixed by the articles;
(6) The amount of paid-in capital with which the corporation will begin business. The amount shall not be less than three hundred dollars ($300);
(7) The name and post office address of each of the incorporators and a statement of the number of shares subscribed by each, which number shall not be less than one (1), and the class of shares for which each has subscribed;
(8) A statement, verified under oath by three (3) of the incorporators, setting forth the manner in which the public convenience, necessity, and interest will be served or promoted by the granting of a charter authorizing the establishment of the proposed corporation and construction or acquisition of the railroad, yards, shops, tracks, and other facilities proposed to be constructed or acquired by the corporation; and
(9) A preliminary survey of the proposed roadway or route of the line or tracks to be constructed or acquired by the corporation shall be attached to the application. The application shall set forth in detail the proposed location of all rights-of-way and other facilities of the corporation and the cities or other points through which, in which, or to which it proposes to establish its line or other facilities.
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