Massachusetts General Laws ch. 160 sec. 14 – Contents of agreement of association
Section 14. The agreement of association shall state:
Terms Used In Massachusetts General Laws ch. 160 sec. 14
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) That the subscribers thereto associate themselves with the intention of forming a railroad corporation.
(b) The corporate name assumed, which shall be one not in use by any other railroad corporation 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, ”railroad corporation”, 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 where the railroad is to be located.
(f) The gauge of the railroad, which shall be either four feet eight and one half inches, or three feet.
(g) The total amount of the capital stock of the corporation, which shall be not less than ten thousand dollars for each mile, if the gauge is four feet eight and one half inches, and not less than five thousand dollars for each mile, if the gauge is three feet.
(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 corporation is incorporated.