Preliminary stock subscription agreements are no longer in general use. In the early part of the last century they were a popular means of organizing corporations, but the more modern general statutes of incorporation which now exist in all of the states have made it less convenient to resort to such methods of organization. In some instances they are still necessary, however. Whenever the organization of a quasi-public or cooperative undertaking is contemplated, they are not only convenient, but almost indispensable. If, for instance, it were proposed to build a railroad from Columbia to Jefferson City for which the capital were not available, it would be necessary to resort to some such method of enlisting co-operation.
Manley O. Hudson,
Preliminary Stock Subscription Agreements in Missouri,
9 Bulletin Law Series.
Available at: https://scholarship.law.missouri.edu/ls/vol9/iss1/3