Print Print
  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 160 RAILROADS
  • Section 14 Contents of agreement of association

Section 14. The agreement of association shall state:

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

(b) The corporate name assumed, which shall be one not in use by any other railroad corporation in the commonwealth, or, in the judgment of the department, so similar thereto as to be likely to be mistaken for it, and which shall contain the words, “railroad corporation”, at the end thereof.

(c) The termini of the railroad.

(d) The length of the railroad, as nearly as may be.

(e) The name of each county, city and town where the railroad is to be located.

(f) The gauge of the railroad, which shall be either four feet eight and one half inches, or three feet.

(g) The total amount of the capital stock of the corporation, which shall be not less than ten thousand dollars for each mile, if the gauge is four feet eight and one half inches, and not less than five thousand dollars for each mile, if the gauge is three feet.

(h) The par value of the shares, which shall be one hundred dollars.

(i) 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 incorporated.