Massachusetts General Laws ch. 160 sec. 247 – Formation; powers
Section 247. Fifteen or more persons, a majority of whom are inhabitants of this commonwealth, may associate themselves by a written agreement of association, with the intention of forming a corporation to construct and operate a railroad, or railroad and telegraph, in any foreign country, but in accordance with the laws of such country; and, upon complying with section two hundred and forty-nine, shall, with their associates and successors, be a corporation for the purpose aforesaid, with the powers necessary and incident thereto, and with such powers and privileges, and subject to such duties, liabilities and restrictions, as to the location, construction, maintenance and operation of its railroad, or railroad and telegraph, and the transfer of its property by mortgage, lease or otherwise, as may be fixed by such country.
Terms Used In Massachusetts General Laws ch. 160 sec. 247
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.