Contents of agreement of association; duties of associates
Section 4. The agreement of association 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 such 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 termini of the railway.
(d) The length of the railway, as nearly as may be.
(e) The name of each county, city and town where the railway is to be located.
(f) The gauge of the railway, which shall be four feet eight and one half inches.
(g) The total amount of the capital stock of the company, which shall be not less than ten thousand dollars for each mile, unless the railway is to be wholly outside of a city, in which case said stock shall be not less than five thousand dollars for each mile.
(h) The par value of the shares, which may be one hundred dollars, fifty dollars or twenty-five dollars as the department shall authorize.
(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 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 company is incorporated.