1903, 291; 390. 1904, 209; 388, §§ 1, 2; 410. 1905, 138; 275. Gas and electric light. 1886, 346, § 2. 1888, 122. Amended. 1908, 444. Lists of officials and employees of the commonwealth to be furnished to the governor and council, etc. Auditor to verify lists, etc. paid for out of any contingent fund, or out of the earnings of any department or institution which are the property of the commonwealth; and no bill for printing any larger number shall be approved by the auditor or paid out of any funds belonging to the commonwealth. Of the board of gas and electric light commissioners, thirtyfive hundred copies. 1894, 393, § 7. 1895, 463, § 2. 1889, 440, § 7. Unless otherwise expressly provided, all the reports of permanent state officers, boards and commissioners shall be included in the public document series, and one thousand copies of each of said reports shall be printed. The number of copies of any report to be printed in any one year may be decreased by agreement between the officer, board or commission making such report and the secretary of the commonwealth. Acts of 1910, Chapter 268. An Act to provide for the Annual Preparation and Printing of SECTION 1. Every department, commission, bureau or board of the commonwealth, shall, on or before the fifteenth day of July in the year nineteen hundred and ten, and on or before the fifteenth day of July in every year thereafter, prepare and furnish to the governor and council lists of all the officials and employees of the commonwealth employed in or by such department, commission, bureau or board on the first day of July preceding, for whose services money has been paid from the treasury of the commonwealth. The said lists shall be arranged by divisions of the several departments, commissions, bureaus or boards, when such divisions exist, and shall give the name, residence, designation, rate of compensation and the date of election or appointment of every such official and employee, and any increase in the rate of salary or compensation for the year preceding; and also the aggregate amount of all money paid for services or salaries to any official or employee, not otherwise shown upon the list, for the year beginning with the first day of July in the year preceding that in which the list is prepared. It shall be the duty of the auditor of the commonwealth to verify the said lists, the compensation and the said aggregate amounts from the pay roll. The said lists and aggregate amounts shall be printed at the expense of the commonwealth as a document of the commonwealth, before the first day of October in the year in which they are fur nished, and the said document shall contain the complete data and facts called for by this act. SECTION 2. This act shall take effect upon its passage. [Approved March 22, 1910. SECTION 8. If a corporation or company which is engaged in the manufacture and sale of gas or electricity for light or heat violates or neglects to comply with the provisions of law, or refuses or neglects to comply with any lawful order of the board, the board shall give notice thereof in writing to such corporation or company, and to the attorney general for his action. of orders. § 13. SECTION 9. The supreme judicial court or the superior Enforcement court shall have jurisdiction in equity, upon the applica- 1885, 314, tion of said board, to enforce all lawful orders of said board and all provisions of law relative to cities, towns, corpora- 1896, 426. tions or persons engaged in the manufacture and sale of 197 Mass. 558. gas or electricity for light or heat. 2. GAS AND ELECTRIC LIGHT COMPANIES. to SECTION 10. No gas company, unless specially author- Bonds of gas ized, shall issue any bonds at less than the par value, nor be issued for an amount exceeding its capital actually paid in and only at par. applied to the purposes of its incorporation. 1886, 346, tion of proceeds of. SECTION 11. The proceeds of all bonds which may be issued shall be applied to the payment of obligations incurred for the enlargement or extension of the works and the purchase of real estate for the use of such gas company or for the payment of liabilities existing on the thirtieth day of June in the year eighteen hundred and eighty-six. A company may, subject to the provisions of sections twenty-four, twenty-six, twenty-seven and twentyeight of chapter one hundred and nine, upon vote of a majority in interest of its stockholders at a meeting duly called for the purpose, issue bonds in accordance with the provisions of this and the preceding section, to bear interest at not more than six per cent per annum, and may secure the payment of principal and interest by a mortgage of its franchise and other property. bonds of SECTION 12. Any corporation which is organized Mortgage under the laws of this commonwealth and is authorized electric light to erect and maintain poles, wires or other fixtures in, companies. 1890, 371. 1894, 450, 1896, 473. 1-3. 159 Mass. 505. Revised Laws, Chapter 109, §§ 20, 21, 24, 26, 27, 28, 30 and 31. Stock or scrip divi SECTION 20. No telegraph, telephone, gas light, electric light, steam railroad, street railway, aqueduct or water company estab dends forbidden, when. 1868, 310, § 1. lished under the laws of this commonwealth shall declare any 1871, 389. 1874, 372, § 177. stock or scrip dividend or divide the proceeds of the sale of § 61. 1894, 350, § 1. shares so issued is first paid in cash to its treasurer; and no rail See as to rail roads and street rail road corporation shall without authority of the general court increase its capital stock beyond the maximum amount fixed by its act of incorporation or fixed under the provisions of section sixty-one of chapter one hundred and eleven. SECTION 21. All certificates of stock or scrip which are issued 1868, 310, § 2. in violation of the provisions of the preceding section shall be P. S. 105, ways, §§ 63, 258; III., §§ 105, 158. over or under streets and highways for the purpose of furnishing electricity for light or power may secure the payment of bonds issued by it by a mortgage of its franchise in connection with its corporeal property, so that all persons who acquire any poles, wires or fixtures by virtue. of such mortgage shall have the same rights and be subject to the same obligations relative to their erection, care and maintenance as the corporation would have had or been subject to if the mortgage had not been made. Such mortgage and all bonds shall be authorized by vote of a majority in interest of the stockholders of the corporation at a meeting called for that purpose; and the rate of interest on such bonds shall not exceed six per cent per annum. No bonds shall be issued by any such corporation for an amount exceeding its capital then actually paid in and applied to the purposes of the corporation. Liability of directors. § 19; 112, void; and the directors of the corporation which issues them shall & 61. 1894, 350, § 2. be liable to a penalty of one thousand dollars each, to be recovered See as to rail roads and by indictment in any county in which any of them reside; but if street railways, any such director proves that, before such issue, he filed his dis 1906, 463, II., §§ 64, 258; III., §§ 106, sent in writing thereto with the clerk, or was absent and at no 158. 1894, 450, 462, § 1. 1897, 337, § 1. time voted therefor, he shall not be so liable. SECTION 24. Railroad corporations and street railway companies shall issue only such amounts of stock and bonds, coupon notes and other evidences of indebtedness payable at periods of more than twelve months after the date thereof, and gas and electric light companies, corporations established for and engaged in the business of transmitting intelligence by electricity, aqueduct 477. 1910, 374. and water companies, shall issue only such amount of stock and Capital stock of gas com made good. 1896, 473. SECTION 26. If, when the board of gas and electric light commissioners approves an issue of new stock or bonds by a gas or electric light company, it determines that the fair structural value of the plant of such company is less than its outstanding stock 199 Mass. 356. and debt, it may prescribe such conditions and requirements as it determines are best adapted to make good within a reasonable time the impairment of the capital stock; or, before allowing an increase, it may require the capital stock to be reduced by a prescribed amount not exceeding the amount of such impairment. [1 Op. A. G. 659.] 179 Mass. 20. 180 Mass. 329. 199 Mass. 356. See as to rail roads and street rail ways, 1906, 463, II., 65, 258; III., §§ 106, 158. 1908, 636. See as to gas and electric light companies, 1908, 529, The amount of impairment and the conditions and requirements imposed shall be stated in the annual report of the board. SECTION 27. The supreme judicial court or the superior court shall have jurisdiction in equity, upon the application of the board of railroad commissioners, the board of gas and electric light commissioners, the commissioner of corporations, respectively, of the attorney general, of any stockholder or of any interested party, to enforce the provisions of the three preceding sections and all law ways, 1906, 463, II., ful orders and decisions, conditions or requirements of said boards §§ 67, 258; III., §§ 109, or commissioner made in pursuance thereof. 158. SECTION 28. A director, treasurer or other officer or agent of any corporation named in section twenty-four who knowingly votes to authorize the issue of, or knowingly signs, certifies or issues, stock or bonds contrary to the provisions of the four preceding sections, or who knowingly votes to authorize the applica ways, 1906, 463, II., tion, or knowingly applies the proceeds, of such stock or bonds §§ 68, 258; contrary to the provisions of said sections, or who knowingly votes to assume or incur, or knowingly assumes or incurs in the name or behalf of such corporation, any debt or liability except for the legitimate purposes of the corporation shall be punished by a fine of not more than one thousand dollars or by imprisonment for not more than one year, or by both such fine or imprisonment. Enforcement § 3; 452, 180 Mass. 329. See as to rail roads and street rail Penalties. 1894, 450, $2; 452, 2; 180 Mass. 329. § 2. See as to rail roads and street rail III., §§ 110, 158. New shares to be offered to stock holders upon increase of capital stock. 1870, 179. 1871, 392, § 1. 1873, 39, § 39; 112, § 58; 113, § 16. 1893, 315, $ 1. 1894, 472, § 1. See as to railroads and street rail ways, 1906, 463, II., $$ 69, 258; III., §§ 111, 158. 1908, 636. 1909, 369. See as to gas and electric light companies, 1909, 477. 1910, 374. 4 SECTION 30. If a corporation which owns or operates a railroad or street railway, a gas light, electric light, aqueduct or water company, or a corporation which is established for and is engaged in the business of transmitting intelligence by electricity, increases its capital stock, such new shares as are necessary to produce the amount of increased capital stock which has been authorized shall, except as provided in the following section, be offered proportionately to its stockholders at not less than the market value thereof at the time of increase, to be determined by the board of railroad commissioners in the case of a railroad corporation or street railway company, by the board of gas and electric light commissioners in the case of a gas light or electric light company, and by the commissioner of corporations in the case of an aqueduct or water company or of a corporation which is established for and is engaged in the business of transmitting intelligence by electricity, taking into account previous sales of stock of the corporation and other pertinent conditions, which determination shall be in writing and with the date thereof shall be certified to and recorded in the books of the corporation. The directors, upon the approval of such increase as provided in section twenty-four and the determination of the market value |
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