Content of agreement of association; execution of agreement
Section 4. The agreement of association shall state—
(a) That the subscribers thereto associate themselves with the intention of forming a trolleymotor or trackless trolley company;
(b) The corporate name assumed, which shall be one not in use by any other trolleymotor or trackless trolley company, or by any street railway company, or, in the judgment of the department, so similar thereto as to be likely to be mistaken for it, and shall contain words indicating the object of the company;
(c) The termini of the proposed route;
(d) The length of the proposed route as nearly as may be;
(e) The name of each county, city and town where the proposed route is to be situated;
(f) The total amount of the capital stock of the company, which shall not be less than two thousand dollars for each mile, nor in any event less than twenty thousand dollars;
(g) The par value of the shares, which shall be one hundred dollars;
(h) 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 qualify 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 the company is incorporated.