2019 Massachusetts General Laws
Part I - Administration of the Government
Title XXII - Corporations
Chapter 161 - Street Railways
Section 23 - Subscription for Stock; Payment for Stock; Conditions to Building Railway
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 unconditionally subscribed for by responsible parties, and that fifty per cent of the par value of each share thereof has been paid in cash.