Section 12. If an electric railroad company, incorporated under this chapter, does not begin the construction of its railroad and expend thereon at least ten per cent of the amount of its original capital stock within two years after the date of its certificate of incorporation, and does not complete and open its railroad for use within four years after said date, its corporate powers and existence shall cease, unless the department, after public notice and a hearing, extends said time by a certificate, stating that it deems due diligence has been exercised by the corporation, and that public necessity and convenience require such extension.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 162 - Electric Railroads
Section 2 - Application to Boynton Bicycle Railway
Section 5 - Content of Agreement of Association; Execution of Agreement
Section 6 - Publication of Agreement
Section 7 - Certificate of Public Convenience and Necessity
Section 8 - Fixing of Route; Application to Municipality
Section 10 - Location Upon Public Way or Place
Section 11 - Content of Certificate of Incorporation
Section 12 - Commencement of Construction
Section 13 - Extensions; Date of Completion and Opening for Use
Section 14 - Common Carriers of Baggage and Freight
Section 15 - Statutes Applicable to Electric Railroads
Section 16 - Statutes Not Applicable to Electric Railroad
Section 17 - Elevated Structures, Recovery of Damages for Additional Servitude