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Terms Used In Missouri Laws 352.130

  • 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.
  • Devise: To gift property by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • hereafter: means the time after the statute containing it takes effect. See Missouri Laws 1.020
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
  • Property: includes real and personal property. See Missouri Laws 1.020
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020

It shall be lawful for any corporation which may be organized under this chapter, or any existing corporation the purposes whereof are included in those mentioned in section 352.020, to acquire, by subscription, purchase, devise or gift, shares of stock in any stock company which shall hereafter be incorporated under and pursuant to the laws of this state, for the sole purpose of erecting or purchasing a hall or building for the use and benefit of any one or more of such corporations, as mentioned in section 352.020, and to hold such stock as personal property, and to enjoy the rights and privileges appertaining to such ownership; provided, that the stock corporation erecting or purchasing such hall or building for the purpose aforesaid shall not permit the same to be occupied or used by any person or corporation for any purpose not included among those specified in section 352.020, except so much of said building as may be necessarily rented for business purposes, in order to secure a sufficient revenue to provide for the expenses of the care and maintenance of said property, and for annual dividends not to exceed five percent upon the capital stock thereof, and every such stock corporation as herein mentioned shall, in the articles of association thereof, expressly declare its sole purposes to be such as above provided for; and provided further, that any corporation, the purposes whereof are included in section 352.020, may acquire and hold in its own name such real estate and buildings as may be necessary for assembly, library, laboratory and other rooms requisite for its purposes, and may receive income from such other rooms as may be requisite to the completeness of such buildings; but such income shall be applied to the purpose of such corporation as defined in section 352.020.