Massachusetts General Laws ch. 182 sec. 3 – Trusts owning or controlling certain public utilities; filing copy of declaration of trust
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Section 3. The trustees of an association or trust who own or control a majority of the capital stock of a railroad, street railway, electric railroad, elevated railway, gas, electric or water company, or corporation engaged in the common carriage of passengers by motor vehicle shall also file a copy of the written instrument or declaration of trust creating it with the department and shall also within thirty days after the adoption of any amendment of such instrument or declaration file a copy thereof with the department. Every such trustee who fails to comply with the foregoing requirements shall be punished by a fine of not more than five hundred dollars or by imprisonment for three months.
Terms Used In Massachusetts General Laws ch. 182 sec. 3
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Trustee: A person or institution holding and administering property in trust.