Chapter 161

Section 147. The board of trustees of a transportation area shall have full power to operate the street railway property leased or acquired thereby, or any equipment or facility otherwise acquired, or to lease or sublease the same, and to enter into contracts with private compani…

Section 148. At the first meeting of the said trustees, and at each annual meeting thereafter, they shall elect from their number a chairman, vice chairman, treasurer and a secretary who shall perform such duties as the trustees shall prescribe. The treasurer shall give a surety …

Section 149. Upon the request of the board of trustees of a transportation area established under this chapter the department shall take by eminent domain under chapter seventy-nine on behalf of such transportation area the whole property, or any part thereof, of a street railway…

Section 15. A special meeting of the stockholders shall be called, and a written notice thereof, stating the time, place and purpose of the meeting, given, by the clerk upon written application of three or more stockholders entitled to vote, holding at least one tenth part in int…

Section 150. The cities and towns comprising a transportation area shall contribute to the discharge of its liabilities and obligations on the basis of one third part according to the single track street railway and the bus or other mass transportation route mileage running in or…

Section 151. The financial year of a transportation area shall end on the last day of each calendar year. The cities and towns comprising the area shall, in proportion to their respective interests, as defined in the preceding section, contribute to make up any financial deficit …

Section 152. For the purpose of acquiring street railway property or other equipment or facility under sections one hundred and forty-three to one hundred and fifty-eight, inclusive, of operating the same, or of contributing toward the sums expended by the transportation area for…

Section 152A. Notwithstanding the provisions of section one hundred and fifty-one, the commonwealth, acting by and through the secretary of administration, may enter into a contract or contracts with the trustees of a transportation area created under the provisions of sections o…

Section 153. No extension of lines or trackage shall be made or additional equipment purchased by a transportation area without the consent of the department.

Section 154. The department may exclude from a transportation area any city or town, but such exclusion shall not prevent the operation of street railways in or through its territory. The department may also exclude any city or town or part thereof, the inclusion of which would, …

Section 155. The amount to be paid as rental under a lease of a street railway property shall not exceed seven per cent of the price fixed in any option to purchase the property. Rentals shall be paid to the owners of street railway property by a transportation area at least once…

Section 156. Subject to the approval of the department, the trustees shall establish such fare zones and shall fix such rates of fare to be charged by a transportation area as will reasonably assure sufficient income to meet the cost of the service, including operating expenses, …

Section 157. The trustees shall maintain the street railway property in good operating condition. At the expiration of any lease which is not renewed, a transportation area shall return the property to the owners in as good condition as it was when first taken over, ordinary wear…

Section 158. Nothing contained in sections one hundred and forty-three to one hundred and fifty-seven, inclusive, shall affect the right of the commonwealth or any subdivision thereof to tax the property owned or leased by a transportation area in the same manner and to the same …

Section 159. Sections one hundred and forty-three to one hundred and fifty-eight, inclusive, shall not apply to any territory comprising the Massachusetts Bay Transportation Authority.

Section 16. A company shall not directly or indirectly vote upon any share of its own stock.

Section 160. Sections one hundred and forty-three to one hundred and fifty-eight, inclusive, so far as applicable, shall apply to any transportation area now established under chapter five hundred and ninety-nine of the acts of nineteen hundred and twenty or now in process of est…

Section 161. Any city, except Boston, by vote of its city council, and any town by majority vote of the voters thereof present and voting thereon at a town meeting, may, from time to time, for the purpose of avoiding a reduction or discontinuance of service, enter into an agreeme…

Section 17. Stockholders entitled to vote shall have one vote for each share of stock owned by them. Stockholders may vote either in person or by proxy. No proxy dated more than six months before the meeting named therein shall be accepted, and no such proxy shall be valid after …

Section 18. Meetings of the board of directors may be held within or without the commonwealth. Any meeting of the board of directors shall be a legal meeting without notice, if each director who is absent, by a writing filed with the records of the meeting, waives such notice.

Section 19. Each stockholder shall be entitled to a certificate which shall be signed by the president and by the treasurer of the company, or by such other officers as may be authorized by the by-laws, shall be sealed with its seal, and shall certify the number of shares owned b…

Section 2. Street railway companies shall be subject to this chapter and chapter one hundred and fifty-nine. Companies which have been specially chartered shall continue to exercise and enjoy the powers and privileges granted and be subject to all the liabilities imposed by their…

Section 20. Certificates of stock shall not be issued by a company until the par value thereof shall have been paid in cash.

Section 20A. Every corporation subject to this chapter may, at a meeting duly called for the purpose, by the vote of a majority of all of its stock or, if two or more classes of stock have been issued, of a majority of each class outstanding and entitled to vote, authorize a chan…

Section 21. The directors may assess upon all the shares subscribed, but not paid in, such amounts, not in excess of their par value, as they think proper, and may direct the same to be paid to the treasurer, who shall give written notice thereof to the subscribers. If a subscrib…

Section 22. If a subscriber fails to pay his assessment for thirty days, as provided in the preceding section, the directors may elect to proceed by an action at law against said delinquent subscriber to recover all amounts due and payable by him with interest. If a judgment rend…

Section 23. A company shall not begin to build its railway until it shall have filed in the office of the state secretary a certificate, signed and sworn to by its president, treasurer, clerk and a majority of its directors, stating that the amount of its capital stock has been u…

Section 24. The directors of a company shall be jointly and severally liable, to the extent of its capital stock, for all its debts and contracts, until the whole amount of its capital stock as originally fixed by its agreement of association, or if a chartered company, by its di…

Section 25. A company, for the purpose of building an extension, or acquiring land for pleasure resorts, or acquiring or building power houses or car houses or park buildings, or acquiring or equipping additional rolling stock, or changing its motive power, or furnishing electric…

Section 26. In addition to the purposes for which a company may increase its capital stock or issue bonds, as provided in the preceding section, a company to supply itself with working capital may, in accordance with sections twenty-eight, twenty-nine and thirty-one of this chapt…

Section 27. On petition of a company for authority to reduce its capital stock, presented in accordance with a vote of the stockholders at a meeting called therefor, the department may, after a hearing and such examination of the financial condition of the company as it considers…

Section 28. A company shall issue only such amounts of stock and bonds, coupon notes and other evidences of indebtedness payable at periods of more than one year after the date thereof, as the department may from time to time determine to be reasonably necessary for the purpose f…

Section 29. A company, unless expressly authorized by its charter or by special law, shall not issue bonds, coupon notes or other evidences of indebtedness payable at periods of more than one year after their date to an amount which, including the amount of all such securities pr…

Section 3. Fifteen or more persons may associate themselves by a written agreement of association with the intention of forming a company.

Section 30. The supreme judicial or superior court shall have jurisdiction in equity, upon the application of the department, the attorney general, any stockholder, or any interested party, to enforce the two preceding sections and all lawful orders and decisions, conditions or r…

Section 31. A director, treasurer or other officer or agent of a company who knowingly votes to authorize the issue of, or knowingly signs, certifies or issues, stock or bonds contrary to any provision of section twenty-eight or twenty-nine, or who knowingly votes to authorize th…

Section 32. A company organized under the laws of the commonwealth may, by vote of two thirds in interest of its common stockholders at a meeting duly called therefor, with the approval of the department, and subject to section twenty-eight of this chapter and section fifty-two o…

Section 33. Any such company may, upon such terms and in such manner as shall be determined by vote of two thirds in amount of its outstanding common capital stock and as shall be approved by the department, issue in lieu of outstanding common shares preferred shares to such numb…

Section 34. Each class of preferred stock issued under sections thirty-two to thirty-five, inclusive, shall be designated by a name approved by the department to distinguish it from all other classes of stock of the company. A certified copy of the vote creating, and of the order…

Section 35. Preferred stock issued under sections thirty-two to thirty-five, inclusive, shall have the same voting power as the common stock, except that, in any case, there may be such limitations of the voting power of said preferred stock as the department approves and finds c…

Section 36. A company shall not declare any stock or scrip dividend or divide the proceeds of the sale of stock or scrip among its stockholders.

Section 37. A certificate of stock or scrip issued in violation of the preceding section shall be void; and each director of the company issuing it shall be liable to a penalty of one thousand dollars, to be recovered by indictment in the county where he resides, or, if he reside…

Section 38. A company, incorporated under the laws of the commonwealth, may, subject to this chapter and chapter one hundred and fifty-nine, construct, maintain and operate a street railway, but, if such company does not build and put in operation its railway within eighteen mont…

Section 39. A company, which, by its charter or certificate of incorporation, or by special act, is authorized to construct, maintain and operate a street railway in any city or town in the commonwealth, and which has constructed its railway therein, may, subject to the provision…

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 t…

Section 40. A company whose petition for a location, necessary, in the judgment of the department, to furnish proper transportation facilities between two cities, or two towns, or a city and town, has in whole or in part been granted or refused, or has been neither granted nor re…