Massachusetts § 145 - Acceptance of preliminary agreements

§ 145. Acceptance of preliminary agreements

Section 145. Upon the acceptance of such a preliminary agreement by a majority in interest of all classes of stock in such a company entitled to vote, and approval by the department after a public hearing of which due notice shall be given, the agreement shall thereupon be binding upon the company, subject to acceptance by the voters as hereinafter provided. The department shall make an appraisal of the property to which the agreement relates, and shall determine the value thereof and the price or rental to be paid therefor by the transportation area. The appraisal shall be on the basis of the actual value at the time of appraisal and not of the cost of replacement. Thereupon the said agreement and appraisal shall be advertised in a newspaper published in every city and town within said area, or in the county as the department may determine, and shall, within sixty days, be submitted to the voters in every such city at a regular or special municipal election, and in every such town at a town meeting called for the purpose, in the form of the following question to be placed upon the official ballot: ''Shall the agreement with the company, providing for the operation of its property by a transportation area under sections one hundred and forty-three to one hundred and fifty-eight, inclusive, of chapter one hundred and sixty-one of the General Laws to which the city of (or town of ) shall be a party, be accepted?'' If approved by a majority of the voters voting thereon by ballot in every such city and town, except such as may have been excluded by the department, acting under section one hundred and fifty-four, the said agreement shall thereupon be binding, but not otherwise, and the mayor and city council and the selectmen shall have authority to execute such further agreements, contracts or leases as may be necessary to effect the purposes and terms of the preliminary agreement.