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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 161 STREET RAILWAYS
  • Section 136 Content of agreement of association of purchasers; execution of agreement

Section 136. The purchasers at such sale shall, with their associates, to the number of at least fifteen, within sixty days after such sale, organize a company for the purpose of holding, owning and operating the street railway purchased, by filing in the office of the state secretary a written agreement of association, which shall state:

(a) That the subscribers thereto associate themselves with the intention of forming a street railway company.

(b) The corporate name assumed, which shall be one not in use by any other street railway company 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, “street railway company”, at the end thereof.

(c) The corporate name of the company whose property and franchises have been purchased.

(d) The termini of the railway.

(e) The length of the railway, as nearly as may be.

(f) The name of each city and town where the railway is located.

(g) The name of the court by which the sale was ordered, the date of such order, and date of sale.

(h) The total amount of the capital stock of the company, which shall be fixed at an amount approved by the department, but which shall not exceed the fair cost, as determined by the department, of replacing the railway and property so acquired, less the amount of any outstanding mortgages to which said railway and property may be subject in the hands of the new company.

(i) The par value of the shares, which may be one hundred dollars, fifty dollars or twenty-five dollars as the department shall authorize.

(j) 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.