Massachusetts General Laws ch. 160 sec. 63 – Term of lease
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Section 63. A railroad corporation shall not lease or contract for the operation of its railroad for a period of more than ninety-nine years without the consent of the general court; but this section shall not render invalid a lease approved by the stockholders of a corporation before July first, eighteen hundred and eighty.
Terms Used In Massachusetts General Laws ch. 160 sec. 63
- Contract: A legal written agreement that becomes binding when signed.
- 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