§ 247

Fifteen or more persons, a majority of whom are inhabitants of this commonwealth, may associate themselves by a written agreement of association, with the intention of forming a corporation to construct and operate a railroad, or railroad and telegraph, in any foreign country, but in accordance with the laws of such country; and, upon complying with section two hundred and forty-nine, shall, with their associates and successors, be a corporation for the purpose aforesaid, with the powers necessary and incident thereto, and with such powers and privileges, and subject to such duties, liabilities and restrictions, as to the location, construction, maintenance and operation of its railroad, or railroad and telegraph, and the transfer of its property by mortgage, lease or otherwise, as may be fixed by such country.