Massachusetts General Laws ch. 160 sec. 27 – Limit upon time to construct railroad
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Section 27. If a corporation does not begin the construction of its railroad and expend thereon at least ten per cent of the amount of its original capital stock within two years after the date of its certificate of incorporation, and does not complete and open its railroad for use within four years after said date, its corporate powers and existence shall cease.
Terms Used In Massachusetts General Laws ch. 160 sec. 27
- 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.