Section 15B: Sales and transfers to similar corporations
269 words·~1 min read·
/ma/part-i/title-xxii/chapter-166/15b·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 15B. A corporation organized under the laws of the commonwealth for the transmission of intelligence by electricity or by telephone, whether by electricity or otherwise, hereinafter called the vendor corporation, may, pursuant to a vote of stockholders owning not less than two thirds of its capital stock, at a meeting duly called for the purpose, sell or transfer to a corporation organized for a similar purpose under the laws of the commonwealth or of another state, hereinafter called the vendee corporation, and which owns a majority of the stock of the vendor corporation, all or any of the property of the vendor corporation located upon, along, under and across the public ways or elsewhere; provided, that any such vendee corporation, if a foreign corporation, is at the time of such sale or transfer engaged within the commonwealth in interstate commerce and shall have been so engaged for not less than twenty years immediately preceding such sale or transfer.
Any such sale or transfer of property in the public ways may include the transfer of the locations on which such property has been constructed, and such locations shall be validated and confirmed in the vendee corporation if there is filed by the vendee corporation with the clerk of each city and town in which any of such locations is situated a certificate of such sale or transfer, including a list of such locations in such city or town. Every such certificate and list so filed shall be recorded by such clerk and kept with the records of original locations for poles, wires and conduits in such city or town.