Content of agreement of association; execution of agreement
Section 5. The agreement of association shall state—
(a) That the subscribers thereto associate themselves with the intention of forming an electric railroad company;
(b) The corporate name assumed, which shall be one not in use by any other electric railroad company in the commonwealth, or, in the judgment of the department, so similar thereto as to be likely to be mistaken for it, or for any railroad corporation or street railway company in this commonwealth, and which shall contain the words, “electric railroad company”, 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 in which the railroad is to be located;
(f) The gauge of the railroad, 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;
(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 company is incorporated.