Massachusetts Statutes

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…

Section 41. A company may purchase and hold real and personal estate necessary or convenient for the operation of its railway; but it shall not, except as provided in section sixty-four, directly or indirectly, subscribe for, take or hold stock or bonds of any such company organi…

Section 42. A company may, except in Boston, acquire, hold, maintain and equip land for purposes of recreation and for pleasure resorts, provided that the department shall find that the acquisition, equipment and maintenance of such land for such purposes and the cost thereof and…

Section 43. A company may use electricity, or such other motive power, other than steam, as the department may permit.

Section 44. Any company, with the approval of the department, may acquire, own and operate, for the transportation of passengers or freight, motor vehicles not running upon rails or tracks, but in such operation shall be subject to chapters one hundred and fifty-nine A and one hu…

Section 45. A company may, for all purposes necessary or reasonably incident to the construction, maintenance or operation of its railway, generate, manufacture, use and transmit electricity in any city or town where authorized to operate its railway, and may erect and maintain t…

Section 46. A company may permit another street railway company to operate cars over its tracks to such extent and under such rules and regulations as the department deems consistent with the public safety.

Section 47. The department may, on petition of a company or of any interested party, after notice and a public hearing, determine the reasonable conditions which shall govern the interchange of traffic and cars between companies, and may, wherever it is reasonable and consistent …

Section 48. A company, with the consent of a railroad corporation owning tracks, may, to such extent and subject to such terms and regulations as the department may approve or prescribe, operate cars upon and over such tracks of said railroad corporation as are equipped for opera…

Section 49. A company may allow street sprinkling cars or similar apparatus to be used upon its tracks, may furnish the motive power and use of tracks or other facilities, and may make contracts therefor; but this section shall be operative only to such extent and subject to such…

Section 5. The directors shall appoint a clerk and a treasurer who shall hold their respective offices until a clerk and a treasurer of the company are qualified in their stead. The directors shall fill any vacancy in their board, or in the office of clerk or treasurer, before th…

Section 50. A company may, with the consent of the board of aldermen or the selectmen, convey in cars over its tracks snow, ice, stones, gravel, dirt, or street sweepings, taken from any street or way over or through which its tracks are located, in order to keep said street or w…

Section 51. A company may convey in cars over its tracks coal and other supplies for its own use.

Section 52. A company may carry the United States mail.

Section 53. A company, on petition of any interested party, may become a common carrier of newspapers, baggage, express matter and freight, upon such parts of its railway and subject to such orders, rules or regulations as may from time to time be made, established or prescribed …

Section 54. Except as provided in this chapter or chapter one hundred and fifty-nine or one hundred and sixty, and except for the purpose of reaching its car barns or repair shops, and of reaching and providing convenient terminals in parks and pleasure resorts situated upon the …