The morning journal-courier., 1908-05-28
Massachusetts Commission
ers' Measure Allows
Road to Hold B. and
M. Stock.
UNTIL JULY FIRST, 1910
1Iew Haven May Also Acquire
Additional Stock, But Rigk
to Vote It Is Reserved to
the State Board.

ing the New York, New Haven and
Hartford railroad to hold stock of
the Boston and Maine until July /,
1870 and to acquire additional Bos-
ton and Maine stock but not to vote
on the same, the board OF railroad
commissioners being made trustees
with the right to vote the stock, was
agreed upon late this afternoon by
the committee on railroads of the leg
islature The bill was at once re-
ported to the house
The bill, which will be reported in
the senate tomorrow by Senator Fax
on, Is entitled IAN act concerning the
control OF railroad corporations" and
is as follows:
Section mo corporation, where
soever Incorporated, which owns, OPP
crates, controls or manages any rail-
road wheresoerer situated, shall here
after directly or indirectly acquire
the legal or the beneficial interest In
or control of any stock In any rail-
road corporation incorporated under
the laws of this commonwealth or
by the concurrent legislation OF this
commonwealth and any other state,
unless an acquisition of such stock
or interest shall have been expressly
authorized by statute of this COM
monwealth.
Section ALI stock in any such
Massachusetts railroad corporation of
which the legal or a beneficial inter-
est IS owned directly or indirectly or
which Is controlled directly or ndi-
rectly by any other corporation
wheresoever incorporated, which
owns, operates, controls or manages
any railroad wheresoever situated,
be registered forthwith on the books
OF such Massachusetts, railroad corpo-
rations in the name of such other cor
poration and unless so registered It
shall be unlawful for any person to
vote or attempt to vote thereon at any
stockholders meeting.
Section 3-Unless otherwise order
ed by some federal court of compe-
tent Jurisdiction the New York, New
Haven and Hartford Railroad com
pany may continue to hold until July
!, 1910, the shares of stock of the
Boston and Maine railroad in which
1t now has any interest, direct or in
direct, not exceeding 109,94S shares
and may flso take and hold such ad-
dtional shares as may be allotted to
1t In any increase of the capital stock
of said Boston and Maine railroad on
the same terms and may receive div
idends thereon; provided that un-
less otherwise ordered as above pro-
vded none Of the shares mentioned
herein shall be disposed Of or af
fected by any agreement in respect TO
the ownership thereof, prior to said
date, except with the approval of the
board of railroad commissioners
Section Alt shall be unlawful for the
New York New Haven G. Hartford
Railroad company to vote or attempt
to vote on any stock in the Boston &
Maine railroad now directly or Indirect
ly owned or controlled by II. But said
stock of the Boston & Maine railroad
now owned or controlled by the New
York, New Haven & Hartford Railroad
company may while so owned or con-
trolled, be voted by the board of rail-
ers' meeting of the Boston G. Maine
railroad, in such manner as they may
deem to be the best interest of the
commonwealth.
Section 5-The board of railroad COM
missioners shall investigate the rail-
road situation In the commonwealth
and especially as to what shall best
tl1a In1
interest and the transportation facili-
ties OF the commonwealth, and shall
report its recommendations and also as
to what disposition shall be made OF
said stock to the general court on or
before Jan. 10, 1910. The said board
shall have authority to summon wit
nesses and enforce their attendance,
to order the production of books pa
pers, agreements and documents and
to administer oaths, in accordance with
the provision of chapter 175 of the re-
vsed laws.
Section 6-Any stock which shall
hereafter be acquired, held or control
led in violation of the provisions of this
act or of section 81 of Part ., Chapter
463, of the acts of the year 1906, shall
not entitle the holder thereof, or except
as provided in section and 4 there.
Of and other person to receive dlvi.
dends or to vote on such stock at any
stockholders meeting while it so held
or controlled
Section ANY corporation which vii.
fully violates any of the provisions Of
this act or Of section 81 of part 2, OF
chapter 463 of the acts of 1906, shall bt
punished for each offense by a fine ot
not more than $4,000 Any person whc
wlfully violates any Of the provision,
of this act or of section 81, Of part .
Of chapter 463 of the acts Of the yeai
1905, or aids in the violation thereof
shall be punished for each such offenst
by a fine Of not more than $1,000 or b,
CONTINUED on Third page.p