§ 155 — Leases of street railway property; amount of rental; term; renewals; termination

Section 155. The amount to be paid as rental under a lease of a street railway property shall not exceed seven per cent of the price fixed in any option to purchase the property. Rentals shall be paid to the owners of street railway property by a transportation area at least once in six months. No lease shall be made for a term of more than five or less than two years, but a lease may be renewed if public necessity and convenience, in the opinion of the department, so require. A renewal of a lease shall be made in the same manner as a new lease, except that the transportation area shall give written notice to the owners of the property at least four months in advance of such renewal. A lease may be terminated by the consent of a majority in interest of all classes of stock in such company entitled to vote, and of a majority of the voters of each city and town comprising the transportation area, voting thereon upon submission at a regular or special city election or town meeting upon petition of ten per cent of the registered voters of each city or town filed with the city or town clerk within thirty days of such election or meeting.