When the amount of capital stock named in the agreement of association has been subscribed in good faith by responsible persons, and ten per cent of the par value of each share has been paid in cash to the treasurer, the directors, clerk and treasurer shall annex to the agreement of association their certificate setting forth these facts, and that it is intended in good faith to locate, construct, maintain and operate the railway as described in said agreement, shall annex to said agreement the certificate of publication specified in section six and the several certificates of location, and shall present the same for inspection to the department.
Massachusetts Legal Code