Massachusetts § 72 - Application for consolidation; notice; hearing; determination

§ 72. Application for consolidation; notice; hearing; determination

Section 72. The presidents, or a majority of the boards of directors, or the holders of not less than one third in interest of the capital stock of two or more railroad corporations, may apply to the department for its determination as to whether the consolidation of the railroads of such corporations is consistent with the public interest. If the department, after public notice and hearing, shall find that such consolidation is consistent with the public interest, it shall report its findings to the general court, together with drafts of a law or laws to authorize such consolidation upon the agreement of the corporations to be consolidated, and after ratification by a vote of not less than two thirds in interest of the stockholders in each, and under terms and conditions which will effectually prevent any decrease in the facilities for transportation on the railroad of either of such corporations or any increase in the rates for passengers or freight by the said consolidation, and which will, in the opinion of the department, secure to the commonwealth adequate control over the organization, conduct, and management of the said corporations and railroads, and upon such other terms and conditions as may seem to the department desirable and proper.