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December 21, 2024 Clear | 20°F
The 193rd General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part I ADMINISTRATION OF THE GOVERNMENT
  3. Title XXII CORPORATIONS
  4. Chapter 161 STREET RAILWAYS
  5. Section 119 Use of reserve fund

Section 119

Section 119: Use of reserve fund

Section 119. Whenever the income of the company is insufficient to meet the cost of service as defined in section one hundred and sixteen, the reserve fund shall be used, so far as necessary, to make up the deficiency, but when the income exceeds the cost of the service, the excess shall be transferred to and become a part of the reserve fund.