reglab/statecodes huggingface dataset:
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 1e - Performance Based Rate Schemes; Labor Displacement or Reductions; Mediation of Small Claims

Section 1E. (a) The department is hereby authorized to promulgate rules and regulations to establish and require performance based rates for each distribution, transmission, and gas company organized and doing business in the commonwealth pursuant to the provisions of this chapter. In promulgating such performance based rate schemes, the department shall establish service quality standards each distribution, transmission, and gas company, including, but not limited to, standards for customer satisfaction service outages, distribution facility upgrades, repairs and maintenance, telephone service, billing service, and public safety provided, however, that such service quality standards shall include benchmarks for employee staff levels and employee training programs for each such distribution, transmission, and gas company.
(b) In complying with the service quality standards and employee benchmarks established pursuant to this section, a distribution, transmission, or gas company that makes a performance based rating filing after the effective date of this act shall not be allowed to engage in labor displacement or reductions below staffing levels in existence on November 1, 1997, unless such are part of a collective bargaining agreement or agreements between such company and the applicable organization or organizations representing such workers, or with the approval of the department following an evidentiary hearing at which the burden shall be upon the company to demonstrate that such staffing reductions shall not adversely disrupt service quality standards as established by the department herein. Nothing in this paragraph shall prevent reduction of forces below the November 1, 1997 level through early retirement and severances negotiated with labor organizations before said date.
(c) The department shall promulgate regulations relative to an alternative dispute resolution process for the handling of damage claims by customers in an amount under $100. The department shall establish a 60 day timeline for the resolution of all mediation claims. The department shall issue a biannual report to the joint committee on telecommunications, utilities and energy which shall include, but not be limited to, the following information: the nature of consumer claims, the number of consumer claims and the resolutions of consumer claims reviewed by the department during the previous 6 months. Said report shall be available for public review at the department.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 1i - Service Quality Standards Reports to Be Filed by Investor-Owned Electric Distribution, Transmission, and Natural Gas Distribution Companies; Penalty for Failure to Meet Service Quality Standards

Section 1I. Each investor-owned electric distribution, transmission, and natural gas distribution company shall file a report with the department by March first of each year comparing its performance during the previous calendar year to the department's service quality standards and any applicable national standards as may be adopted by the department. The department shall be authorized to levy a penalty against any distribution, transmission, or gas company which fails to meet the service quality standards in an amount up to and including the equivalent of 2.5 per cent of such company's transmission and distribution service revenues for the previous calendar year.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 1j - Establishment of Standards of Acceptable Performance for Emergency Preparation and Restoration of Service for Electric and Gas Distribution Companies; Investigation of Violation of Standards; Penalties

Section 1J. The department shall promulgate rules and regulations to establish standards of acceptable performance for emergency preparation and restoration of service for electric and gas distribution companies doing business in the commonwealth. The department shall levy a penalty not to exceed $500,000 for each violation for each day that the violation of the department's standards persists; provided, however, that the maximum penalty shall not exceed $50,000,000 for any related series of violations. The department shall open a full investigation, upon its own initiative, or upon petition of the attorney general or by the city council in an affected city or by the board of selectmen in an affected town, regarding a violation of the department's standards of acceptable performance to determine whether the electric or gas distribution company violated such standards; provided, however, that said petition shall be filed with the department not later than 90 days after the violation has been remedied.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 1k - Penalties to Be Credited Back to Customers

Section 1K. Any penalty levied by the department against an investor-owned electric distribution, transmission or natural gas distribution company for any violation of the department's standards of acceptable performance for emergency preparation and restoration of service for electric and gas distribution companies shall be credited back to the company's customers in a manner determined by the department.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 2 - Construction

Section 2. In construing sections 69G to 69O, inclusive, 70, 71, 74 to 83, inclusive, 92 to 95, inclusive, 103, 105, 106, 109, 112 to 114, inclusive, 116, 117, 119, 120, 121, 123 to 127, inclusive, unless the context otherwise requires, the terms ''corporation'', ''gas company'' and ''electric company'' shall include (i) all persons, firms, associations and private corporations which own or operate works or a distributing plant for the manufacture and sale, or distribution and sale of gas for heating and illuminating purposes, or of electricity, within the commonwealth, or (ii) or a transmission company that is affiliated with an ''electric company'', but shall not include any alternative energy producer other than persons, firms, associations, and private corporations expressly excluded from the definition of ''electric company'' in section 1; and in construing sections 103, 105, 109, 112 to 114, inclusive, 116, 117, 120, 121, and 123 to 127, inclusive, the terms ''corporation'', ''gas company'' and ''electric company'' shall include municipal corporations which own or may acquire municipal lighting plants. Electric companies, which engage in generation and which are not part of a vertically integrated electric company or do not have a distribution affiliate in the commonwealth, shall be exempt from sections 3 to 33, inclusive, and section 93. Electric companies, which engage solely in the transmission or transmission and sale of electricity, shall be exempt from this chapter to the extent that they are preempted by federal law.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 4 - Application of Chapter 156b

Section 4. The following sections of chapter one hundred and fifty-six B shall apply to corporations subject to this chapter:
(a) Sections seven, nine, nine A, ten, fourteen, sixteen, seventeen, twenty, twenty-six, twenty-nine through forty, forty-two through fifty-nine, sixty-one, sixty-two, sixty-five through sixty-nine, seventy-seven, ninety-nine through one hundred and thirteen and one hundred and fifteen.
(b) Section twenty-seven, except that paragraphs (b) and (c) thereof shall apply only to certificates issued after October first, nineteen hundred and seventy-three.
(c) Sections sixty-three and sixty-four shall apply also to statements, reports, articles of organization, articles of amendment and articles of consolidation or merger required to be filed pursuant to this chapter or chapter one hundred and fifty-six B.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 4a - State Secretary; Examination of Documents; Approval; Instances of Corporate Omission

Section 4A. The state secretary shall examine each document submitted to him under the provisions of this chapter. If he finds that the provisions of law relative thereto have been complied with, he shall endorse his approval thereon, and upon payment of the fee provided in section thirty-three such document shall be deemed to be filed with the state secretary. The state secretary shall keep a record, conveniently indexed, of each such document, of his endorsement of approval, if given, of the date of submission, and of the date on which such document is filed, and shall keep such documents on file in his office in a manner convenient for public inspection. He shall cause a photographic or other copy to be made of articles of organization and amendments thereof so filed showing his approval endorsed thereon, and shall deliver the same to the corporation.
The state secretary shall report to the attorney general instances of neglect or omission on the part of corporations to comply with the provisions of law so that the attorney general may enforce the penalties therefor.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 5 - Organization of Corporation; Certification by State Secretary

Section 5. The organization of a corporation to be formed under this chapter shall be effected in accordance with the requirements of section twelve of chapter one hundred and fifty-six B and section six. A certified statement of the fact of incorporation by the state secretary shall be conclusive evidence of incorporation. Nothing contained in this chapter shall authorize the organization of a combined gas and electric company, unless the department, after notice and a public hearing, shall certify to the state secretary that it deems the public convenience will be promoted thereby.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 5a - Name; Restrictions; Injunctive Relief

Section 5A. The name of a corporation subject to this chapter shall contain the words ''gas company'' or ''electric company'', as the case may be. Such corporation shall not assume the name or trade name of another corporation established under the laws of the commonwealth, or of a corporation wherever established, firm, association or person carrying on business in the commonwealth, at the time of incorporation or change of name of the corporation assuming any such name or within three years prior thereto, or assume a name which is under reservation under the laws of the commonwealth for another or proposed corporation wherever established, or assume a name so similar to the foregoing as to be likely to be mistaken for it, except with the written consent of the said corporation, firm or association or of such person previously filed with the state secretary. The supreme judicial or superior court shall have jurisdiction in equity, upon the application of any person interested or affected, to enjoin such corporation from doing business under a name assumed in violation of any provision of this section, although articles of organization or articles of amendment may have been approved and filed. Paragraphs (b), (c) and (d) of section eleven of chapter one hundred and fifty-six B shall apply to corporations subject to this chapter.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 8 - Amendment of Articles of Organization; Changes in Capital Stock or Corporate Name

Section 8. A corporation subject to this chapter may authorize, at a meeting duly called for the purpose, an amendment of its articles of organization by vote of the majority of each class of stock outstanding and entitled to vote thereon, effecting any one or more of the following:
(a) a change of the par value of the shares of its capital stock in accordance with clause (5) of paragraph (
a
) of section six, provided the aggregate par value of the outstanding shares shall not be increased by any such change, and provided further that such change shall not be effective unless the department shall approve the same on an application of the corporation filed within thirty days after the passage of the vote authorizing such change;
(b) an increase of its capital stock of any class then authorized, or a reduction of any such class of stock; and
(c) change of its corporate name.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 8a - Amendment of Articles of Organization; Change in Business Authorized or Any Other Change

Section 8A. A corporation subject to this chapter may authorize, at a meeting duly called for the purpose, an amendment of its articles of organization, by vote of two-thirds of each class of stock outstanding and entitled to vote thereon, effecting any one or more of the following changes:
(a) an alteration of, addition to or change of the business for which it was incorporated, but it shall not engage in any business not authorized by this chapter; provided, however, that a gas company shall not be authorized to engage in the business of an electric company and an electric company shall not be authorized to engage in the business of a gas company unless, in either case, the department, after notice and public hearing, shall certify to the state secretary that the department deems the public convenience will be promoted thereby;
(b) any other amendment to its articles of organization; provided, only, that any provision added to or changes made in the articles of organization by such amendment could have been included in and any provision deleted thereby could have been omitted from original articles of organization filed at the time of such meeting. If any such amendment would adversely affect the rights of any class of stock, the vote of two-thirds of such class, voting separately, shall also be necessary to authorize such amendment. For this purpose any series of a class which is adversely affected in a manner different from other series of the same class shall, together with any other series of the same class adversely affected in the same manner, be treated as a separate class.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 8b - Articles of Amendment; Submission to State Secretary; Effective Date; Filing

Section 8B. Within sixty days after any meeting at which any amendment of the articles of organization has been adopted or within thirty days after any necessary approval by the department, whichever is later, articles of amendment, signed under the penalties of perjury by the president or any vice president and by the clerk or an assistant clerk, setting forth such amendment and the due adoption thereof, shall be submitted to the state secretary. The amendment shall become effective when the articles of amendment are filed in accordance with section six of chapter one hundred and fifty-six B, unless said articles specify, in accordance with the vote adopting the amendment, a later effective date not more than thirty days after such filing, in which event the amendment shall become effective on such later date. A signed copy of any amendment which relates to an increase or reduction of capital stock shall also be filed in the office of the department.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 8c - Restatement of Articles of Organization; Adoption; Submission to State Secretary; Filing; Effective Date

Section 8C. Every corporation may authorize, at a meeting duly called for the purpose, by vote of a majority of each class of stock outstanding and entitled to vote thereon, a restatement of its articles of organization. The restated articles of organization may effect further amendments of the articles of organization; provided, however, that every such further amendment is lawfully adopted in accordance with the provisions of, and is authorized by, section eight or eight A. If the restated articles of organization only restate and do not amend the articles of organization, such restated articles may be authorized and adopted by the directors without a vote of the stockholders. Within sixty days after any meeting at which restated articles of organization have been adopted, or within thirty days after any necessary approval by the department, whichever is later, such restated articles, signed under the penalties of perjury by the president or any vice president and by the clerk and any assistant clerk, shall be submitted to the state secretary. Such restated articles of organization shall set forth all matter that would be required or permitted to be set forth in original articles of organization filed at the time of such meeting, other than the names and addresses of the incorporators, and shall indicate in a manner prescribed by the state secretary each amendment effected by such restated articles of organization.
The restated articles of organization shall become effective when filed in accordance with section six of chapter one hundred and fifty-six B, unless the restated articles or the vote adopting the restated articles specify a later effective date not more than thirty days after such filing, in which event the restated articles of organization shall become effective on such later date. From and after the effective date thereof the restated articles of organization shall be deemed for all purposes to have superseded the original articles of organization, or other charter documents, and amendments, and shall constitute the articles of organization of the corporation.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 8d - Confirmation of Organization or Subsequent Proceedings; Certificate; Submission to State Secretary; Effective Date

Section 8D. If doubts arise as to the legality of the organization of any corporation created by special charter for a purpose mentioned in this chapter, which is in the exercise of its franchise, or as to the regularity or sufficiency of the proceedings of any such corporation, whether created by special charter or formed under the general laws, in consequence of failure subsequent to the organization to comply with the directions or requirements of any statute, the stockholders, at a special meeting called for the purpose in the manner provided in section thirty-four of chapter one hundred and fifty-six B, may by vote confirm such defective proceedings and all subsequent proceedings of the corporation dependent thereon. The clerk or an assistant clerk shall thereupon under the penalties of perjury make a certificate setting forth the particular matters especially causing a doubt, and a copy of the call of the meeting and of the vote of the stockholders, and the date of holding the meeting, which he shall submit to the state secretary. The certificate shall become effective when filed in accordance with section six of chapter one hundred and fifty-six B and thereupon such proceedings shall be taken to be legal and valid as fully as if the requirements of the statutes had been satisfied.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 9 - Hydro-Electric Plants; Issue of Preferred Stock and Bonds; Acquisition of Storage Reservoir

Section 9. An electric company which owns or operates an hydro-electric plant may, subject to all laws governing the issue of capital stock by electric companies, issue preferred stock of one or more classes to such amount, not exceeding twice the amount of the general or common stock then outstanding, as the department may from time to time approve; and, in approving, under section fourteen, the issue of stock or bonds by an hydro-electric company which has theretofore issued and has outstanding stock or bonds for which the approval of the department or its predecessors was not required, the department may direct that such new stock or bonds shall bear some distinctive designation. An electric company may, with the consent of the department and to such extent and upon such terms as the department may approve, acquire the stocks, bonds or other obligations of a corporation, association or person owning a storage reservoir in the states of Vermont or New Hampshire, the operation of which will be beneficial to an hydro-electric plant in this commonwealth owned by such company, or owning an electric system completed or under construction in another state from which such electric company derives or has contracted for an amount of electrical energy which in the opinion of the department is a substantial amount.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 9a - Electric Companies Providing Electricity to Other Companies; Ownership of Stock

Section 9A. An electric company may, in its agreement of association or, in case of a company already organized, at any time and from time to time, by vote of two thirds in amount of all its stockholders at a meeting duly called for the purpose, state that it is organized for, or that thereafter its corporate purpose shall be, the generating and buying of electricity and the transmitting and selling of the same to two or more corporations specified in said agreement or vote as engaged in the electric light or electric power business, or both, in this commonwealth or adjoining states, including other purposes incidental thereto. Upon the approval of said statement by the department, such company shall be limited, in respect to its rights and obligations to transmit and sell electricity, to such transmission and sale as are authorized by this section. Such electric company shall have authority to transmit electricity to or for and to sell electricity to such of the corporations specified as aforesaid as are stockholders of said company, upon such terms as the department shall approve. Such electric company shall also have authority to transmit electricity to or for and to sell electricity to other corporations, municipal electric departments and other entities, engaged in the electric light or electric power business, or both, within or outside this commonwealth, provided that any such sale of electricity for delivery within this commonwealth shall be made upon such terms as the department, on application of such electric company, shall approve. With the consent of the department and to such extent and upon such terms as it may approve, any corporation specified as aforesaid may subscribe for, acquire, own and dispose of stock, bonds or other securities of such electric company, and may, with the consent of the department and upon such terms as it may prescribe, and in compliance with all provisions of law relative thereto, issue and sell its own stock, bonds or other securities to obtain the capital necessary to acquire the same.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 10 - Issuance of Capital Stock; Notification of Department

Section 10. A corporation subject to this chapter shall, upon an issue of its capital stock, other than stock issued upon conversion of convertible debentures authorized pursuant to section twelve A, within thirty days after the payment or collection of the last installment thereon, notify the department of such issue by filing in the office of the department a certificate of the amount of such issue and the fact of such payment, signed under the penalties of perjury by its president or vice president, and treasurer or assistant treasurer.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 11 - Payment of Price of Share

Section 11. No gas or electric company shall declare any stock or scrip dividend or divide the proceeds of the sale of stock or scrip among its stockholders unless the department approves; nor shall any gas or electric company except as provided in this chapter issue any share of stock to any person unless the par value of the shares so issued or the price thereof as fixed and determined under sections eighteen and nineteen is first paid in cash to its treasurer. The conveyance to such company of real or personal property shall be deemed a sufficient paying in of its original capital stock to such amount as may be approved by the department under the provisions of section fourteen.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 12 - Improper Issue of Stock or Scrip Certificates; Effect; Penalty

Section 12. All certificates of stock or scrip issued in violation of the preceding section shall be void; and the directors of the corporation which issues them shall be liable to a penalty of one thousand dollars each, to be recovered by indictment in any county where any of them reside; but if any such director proves that, before such issue, he filed his written dissent thereto with the clerk, and at no time voted therefor, he shall not be so liable.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 12a - Convertible Debentures

Section 12A. A corporation subject to this chapter, and subject to the limitations and restrictions of section fourteen, may, by a vote of the holders of a majority of its shares outstanding and entitled to vote thereon at a meeting called therefor and with the approval of the department, issue debentures to be convertible into stock of said corporation, at the option of the holders of said debentures, in such manner, at such times, upon such terms and at such prices as may be fixed in such vote with the approval of said department and, upon the decision of the department, the shares of stock required for the conversion of said debentures shall be a part of the authorized capital of said corporation, and may be issued from time to time thereafter for the conversion of said debentures without any further authorization, order or decree by the department.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 13 - Mortgage of Property

Section 13. A corporation subject to this chapter may, by vote of the holders of a majority of its shares outstanding and entitled to vote thereon at a meeting called therefor, or by vote of its directors under authority of a vote of the holders of a majority of its shares outstanding and entitled to vote thereon at a meeting called therefor, mortgage all or substantially all of its property, including its franchise. All persons who acquire any mains, conduits, poles, wires, fixtures or other apparatus in, over, under or across public ways by virtue of such mortgage shall have the same rights and be subject to the same obligations relative to their erection, care, maintenance and operation as the corporation would have had, or would have been subject to, if the mortgage had not been made.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 13a - Issuance and Pledge of Bonds Secured by Prior Liens

Section 13A. A corporation subject to this chapter may, by vote of the holders of a majority of its shares outstanding and entitled to vote thereon at a meeting called therefor, or by vote of its directors under authority of a vote of the holders of a majority of its shares outstanding and entitled to vote thereon at a meeting called therefor, and subject to the limitations and restrictions of section fourteen but without regard to the limitations and restrictions of section fifteen, for the purpose of securing other bonds issued by it, issue and pledge bonds secured by prior liens upon all or part of the property mortgaged to secure such other bonds, in a principal amount not exceeding the principal amount of such other bonds, such issue and pledge to be to such extent and upon such terms as the department may approve; and such prior lien bonds shall not be counted in applying any limitations of law upon the amount of its outstanding bonds or for purposes of section sixteen.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 14 - Proceedings to Determine Necessity of Issue of Stock, Bonds, Coupon Notes or Other Evidences of Indebtedness

Section 14. Gas and electric companies shall issue only such amount of stock and bonds, and of coupon notes and other evidences of indebtedness payable at periods of more than one year after the date thereof, as the department may from time to time vote is reasonably necessary for the purpose for which such issue of stock, bonds, coupon notes or other evidences of indebtedness has been authorized. The department may take into consideration any resources of the companies available or which might have been available for said purpose. The department shall render a decision upon an application for such issue within thirty days after the final hearing thereon. The decision shall be in writing, shall assign the reasons therefor, shall, if approving such issue, specify the respective amounts of stock, bonds, coupon notes or other evidences of indebtedness which are approved to be issued for the respective purposes to which the proceeds thereof are to be applied, and shall, within seven days after it has been rendered, be filed in the office of the department. A certificate of the vote of the department shall, within three days after such decision has been rendered and before the stock, bonds, coupon notes or other evidences of indebtedness are issued, be filed in the office of the state secretary, and a duplicate thereof delivered to the corporation, which shall enter the same upon its records. A company subject to this section shall not apply the proceeds of such stock, bonds, coupon notes or other evidences of indebtedness to any purpose not specified in such certificate. No application for the approval of an issue of stock shall be made unless authorized by vote of the directors passed not more than four months prior to such application.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 15 - Invitation for Proposals for Purchase of Bonds

Section 15. A gas or electric company, under the supervision of the department, selling, offering for sale or issuing, bonds, debentures, notes or other evidences of indebtedness, exclusive of stock, payable at periods of more than five years after the date thereof, shall invite proposals for the purchase thereof by advertisements in two or more daily newspapers, if there be such, in the city or town where the company maintains its principal business office, as reported in its annual return filed under section eighty-three, and in two or more newspapers published in Boston. It may, however, reserve the right to reject any and all bids. It need not invite such proposals with respect to an issue of bonds, debentures, notes or other evidences of indebtedness not exceeding one million dollars in face amount. The department may grant an exemption from part or all of the requirements of this section whenever it finds after a public hearing that the granting of such exemption is in the public interest. If no such proposal is accepted, it may sell the whole or any part of said bonds, debentures, notes or other evidences of indebtedness to any person or corporation in such manner, at such times, and upon such terms as its directors shall determine.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 15a - Issue or Sale of Bonds, Etc. at Less Than Par Value or Face Amount

Section 15A. Except as otherwise provided in this section, a gas or electric company shall not issue or sell any bonds, debentures, notes or other evidences of indebtedness payable at periods of more than one year after the date thereof at less than the par value or face amount thereof. If the department finds than any such issue or sale below such par value or face amount is in the public interest, it may, notwithstanding the provisions of this or any other section, authorize the issue or sale of such bonds, debentures, notes or other evidences of indebtedness at less than the par value or face amount thereof and with such requirements for the amortization of the discount as it may deem necessary in the public interest. Its determination shall be made part of the vote of the department as provided in section fourteen and shall be certified and recorded as therein prescribed.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 16 - Making Good Impairment of Capital Stock

Section 16. If, when the department approves an issue of new stock, bonds or other securities by a gas or electric company, it determines that the fair structural value of the plant and of the land and the fair value of the nuclear fuel, gas inventories or fossil fuel inventories owned by such company is less than its outstanding stock and debt, it may prescribe such conditions and requirements as it deems 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. The amount of impairment and the conditions and requirements imposed shall be stated in the annual report of the department. The supreme judicial or superior court shall have jurisdiction in equity, on application of the department, the attorney general, any stockholder or any interested party, to enforce this section and section fourteen and all orders and decisions, conditions or requirements of the department made in pursuance thereof.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 16a - Inadequate Depreciation Allowances; Corrective Orders of Department; Use of Funds Restricted; Enforcement

Section 16A. If, when the department under this chapter approves an issue of stock, bonds, coupon notes or other evidences of indebtedness of a corporation, or passes upon the price, rates, charges or service of a corporation, it determines that the provision made by the corporation for the depreciation of its property has been inadequate, the department shall order the corporation to set aside out of earnings such allowances for depreciation and for such period or periods as the department may from time to time prescribe. All monies required by such order to be so set aside shall be kept as a separate fund and shall not, without the further order of the department, be used for any other purpose than for renewals other than ordinary repairs, or for extensions, reconstruction and enlargements of and additions to plant, and the department shall prescribe in its order such requirements relative to the creation and maintenance of such fund and its application to such aforesaid authorized uses as it may deem advisable. All orders and decisions of the department under this section shall be enforced as provided in section sixteen.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 17 - Improper Issue of Stock, Bonds or Other Securities; Penalty

Section 17. A director, treasurer or other officer or agent of a gas or electric company who knowingly votes to authorize the issue of, or knowingly signs, certifies or issues, stock, bonds or other securities contrary to any provision of section fourteen or sixteen, or who knowingly votes to authorize the application of, or knowingly applies, the proceeds of such stock, bonds or other securities contrary to any said provision, 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 both.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 17a - Investments; Approval of Department; Violations by Officers; Penalty

Section 17A. No gas or electric company shall, except in accordance with such rules and regulations as the department shall from time to time prescribe, loan its funds to, guarantee or endorse the indebtedness of, or invest its funds in the stock, bonds, certificates of participation or other securities of, any corporation, association or trust unless the said loan, guaranty or endorsement, or investment is approved in writing by the department. A director, treasurer or other officer or agent of a gas or electric company who makes such loan, guaranty or endorsement or purchases such securities or votes to authorize such loan, guaranty or endorsement or such purchase in violation of this section shall be punished by a fine of not more than one thousand dollars or by imprisonment for not more than one year, or both. Any company supplying electricity in bulk which is authorized by special act to engage in manufacture or to construct mills or factory buildings, or to otherwise construct or develop real estate for industrial purposes, shall be exempt from the provisions of this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 18 - Disposition of Shares

Section 18. Except as otherwise provided in this section, shares of the capital stock of a gas or electric company shall be offered at such price, not less than par, as its directors may fix. The vote of the department, as provided in section fourteen, as to the amount of stock reasonably necessary for the purpose for which the issue of such shares has been authorized, shall be based on the price fixed by the directors unless the department deems that such price is so low as to be inconsistent with the public interest, in which case it may fix the price at which such shares may be issued. If it deems that such shares cannot be disposed of at or above the par value thereof, it may, notwithstanding the provisions of this or any other section, authorize the issue of such shares at a price less than the par value thereof and with such requirements for the amortization of the discount as it may deem necessary in the public interest. Its determination shall be made part of the vote of the department as provided in section fourteen, and shall be certified and recorded as therein prescribed.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 19 - Sale of Unissued Capital Stock; Terms; Auction Sale

Section 19. A gas or electric company may issue any unissued shares of its capital stock from time to time authorized under its articles of incorporation in such manner, at such times, upon such terms, and at such price, not less than par, except as otherwise authorized by the department as provided in section eighteen, to be paid in cash, as the directors shall determine and as may be approved by the department. If such shares are to be sold by auction, they shall be offered for sale in the city of Boston or in such other city or town as the department prescribes, and notice of the time and place of the sale shall be published at least five times during the ten days immediately preceding the sale in at least three of such daily newspapers as the department may prescribe.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 20 - Commencement of Business; Liability of Officers, Contribution

Section 20. A corporation subject to this chapter shall not begin business until the whole amount of its capital stock, or such part thereof as may have been approved by the department, has been paid in and a certificate of that fact has been filed in accordance with section ten. The president, directors and other officers shall be jointly and severally liable for debts contracted on behalf of the corporation before such payment has been made and such certificate has been filed. Any director or officer who pays on a judgment rendered on a claim asserted under this section shall be entitled to contribution in the manner and to the extent provided in section sixty-six of chapter one hundred and fifty-six B.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 21 - Authorization Necessary to Transfer Franchise, Lease Works or Contract to Carry on Works

Section 21. A corporation subject to this chapter shall not, except as otherwise expressly provided, transfer its franchise, lease its works or contract with any person, association or corporation to carry on its works, without the authority of the general court.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 22 - Deposits

Section 22. All deposits of funds of corporations subject to this chapter shall be made by the officers thereof in national banks, duly chartered trust companies, savings banks, co-operative banks or federal savings and loan associations; but the foregoing provision shall not apply to any deposit for a period of not more than sixty days made for the purpose of meeting obligations maturing within said period, or to any deposit for a similar period of time resulting from the sale of obligations or securities.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 23 - Voting by Stockholders; Proxy

Section 23. Stockholders may vote in person or by proxy. No proxy dated more than six months before the meeting named therein shall be valid and no proxy shall be valid after the final adjournment of such meeting. A proxy with respect to stock held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the corporation receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a stockholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. If not otherwise determined by the articles of organization or by-laws of the corporation, each stockholder shall be entitled to one vote for each share owned by him.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 24 - Voting by Stockholders; Articles of Organization or By-Laws Controlling

Section 24. (a) Whenever, with respect to any action to be taken by the stockholders of a corporation subject to this chapter, the articles of organization or by-laws require the vote or concurrence of the holders of all of the shares, or of any class or series thereof, or a greater proportion thereof than required by this chapter with respect to such action, the provisions of the articles of organization or by-laws shall control.
(b) Whenever, with respect to any action to be taken by the stockholders of such corporation as to which a vote of each class of stock outstanding and entitled to vote thereon is required by this chapter, the articles of organization or by-laws provide that two or more classes of stock shall vote as a single class, the provisions of the articles of organization or by-laws shall control, provided, however, that no such provision shall deprive any class or series of stock whose rights would be adversely affected by such action of any right to a separate vote which such class or series may have under section eight A or section eight C.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 164 - Manufacture and Sale of Gas and Electricity › Section 25 - Stockholders of Public Service Corporation; Use of Name or Title Thereof Prohibited; Violations; Penalty; Proceedings; Injunction; Exception

Section 25. No person owning, holding or controlling shares of stock of any public service corporation shall use any name or title or other words that, in the opinion of the department, might lead the public to believe that such person is a public service corporation or that its business is that of a public service corporation. The department may investigate and determine whether any person is violating this section; and any person violating any provision hereof shall forfeit to the commonwealth one hundred dollars a day for every day or part thereof during which such violation continues after the determination aforesaid. Any such violation shall forthwith be reported by the department to the attorney general, after said determination and notice thereof to such person. The said forfeiture may be recovered by an information or other appropriate proceeding brought in the supreme judicial or superior court in the name of the attorney general. Upon such information or other proceeding the court may issue an injunction restraining such person from further prosecution of his business within the commonwealth during the pendency of such proceeding or for all time, and may make such other order or decree as equity and justice may require. This section shall not apply to the continued use by any person of any name or title adopted prior to April seventeenth, nineteen hundred and thirteen.