Massachusetts General Laws ch. 161 sec. 62 – Limitations
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Section 62. A company shall not lease or contract for the operation of its railway for a period of more than ninety-nine years without the consent of the general court, nor, except as provided in the three following sections and in section one hundred and twenty-three, shall it sell its railway unless authorized so to do by its charter or by special act of the general court.
Terms Used In Massachusetts General Laws ch. 161 sec. 62
- Contract: A legal written agreement that becomes binding when signed.
- 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