SECTION 248. Agreement of association

The agreement of association shall state:

(a) That the subscribers thereto associate themselves with the intention of forming a railroad corporation, or a railroad and telegraph corporation.

(b) The corporate name assumed.

(c) The termini of the railroad, or the railroad and the telegraph.

(d) The total amount of the capital stock of the corporation.

(e) The names and residences of at least five persons, who shall be subscribers to the agreement of association, to act as directors until others are chosen and qualified in their stead.

Each associate shall subscribe to the agreement of association his name, residence, post office address, and the number of shares of stock which he agrees to take; but no subscriber shall be bound to pay more than ten per cent of the amount of his subscription, unless a corporation is chartered.