Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. John R. Hanlon, Jr., his associates and successors, are hereby made a corporation by the name of Housatonic Railroad Company, Inc., with all the powers and privileges, and subject to all restrictions and liabilities set forth in all General Laws now or hereafter in force relating to railroad companies, except as otherwise provided herein.
SECTION 2. Said corporation is hereby authorized, subject to the approval of the department of public utilities, to operate its trains and other equipment upon an existing right of way to be leased or purchased by said corporation. Said corporation shall also operate its trains and other equipment on any other railroad track in the commonwealth over which it may acquire a lease or other right of way from any other railroad or from the commonwealth.
SECTION 3. The capital stock of the corporation shall consist of not less than five thousand shares divided into such classes, either with or without par value, as may be determined by its incorporators. The corporation is authorized to increase, reduce or alter its capital stock from time to time as provided by chapter one hundred and sixty of the General Laws.
SECTION 4. The affairs of the corporation shall be managed by a board of directors in accordance with the provisions of chapter one hundred and sixty of the General Laws. The board of directors is expressly authorized to make, adopt, alter and repeal the by-laws of the corporation.
SECTION 5. The corporation may exercise, in addition to all other powers specifically granted under this act, all the powers and privileges granted by law to railroads and to corporations organized under the General Laws.
SECTION 6. The principal office of said corporation shall be located at such place as the board of directors may designate within the commonwealth.
SECTION 7. Notwithstanding the provisions of any general or special law to the contrary, the rights and powers conferred upon the corporation by this act shall be of no force or effect if the corporation fails to begin operating or performing railroad business under the provisions of section two within five years of the effective date of this act.
SECTION 8. If the corporation fails to start or ceases rail operations, the commonwealth shall have a first option to purchase any land acquired by the corporation from any railroad company authorized to do business in the commonwealth at a price not in excess of that paid by said corporation for such land, plus the reasonable cost of improvements.
SECTION 9. If the commonwealth acquires land, including the railroad right of way which is the subject of this charter, the corporation may lease from the commonwealth, and the commonwealth is hereby authorized to lease to the corporation, such rights of way and any additional land required for the conduct of rail service.