stitute quorum for public hearings and all ford acts of board, except, etc. Adjournment by less than majority. May adopt certain rules. Board to review decisions of board of appeal in re of buildings, etc. except that decisions changing the boundaries of districts on the zoning map or confirming a decision of the board of appeal shall be deemed to comply with this section only if the written record of such decision is signed, in case of any change of boundaries as aforesaid, by not less than four fifths, or, in case of any confirmation of a decision of the board of appeal, by not less than two thirds, of the members of the board qualified to act. If less than a majority of the board is present at any public hearing or at any executive session, the members actually present may adjourn the same. by proclamation to such time and place as they deem advisable, and further notice thereof shall not be necessary. The board may adopt rules, not inconsistent with the provisions of this act, governing notice and procedure. The board shall review the decision of the board of appeal within forty-five days of the certification to it of a copy of spect to height the record thereof in every case wherein permission is granted to erect or alter a building to an extreme height greater than that otherwise authorized under the provisions of this act for the lot or building in question, said review to determine whether or not the relief granted derogates from the intent and purpose of this act. No such permission shall be confirmed except by decision of not less than two thirds of the members of the board, excepting only any member or Public hearing, members not qualified to act, rendered after a public hearing thereon of which notice shall be given as provided in case of a public hearing under the preceding paragraph. If the lot or building in question abuts upon a public park, notice shall also be mailed to the park commissioners of the city of Boston. Requirements for confirmation. notice, etc. Record of proceedings, etc. Amended zoning map, filing, etc. Aggrieved persons, etc., may petition for writ of certiorari, etc. The board shall cause to be made a detailed record of all its proceedings, which record shall set forth the reasons for its decisions, the vote of each member participating therein, and the absence of a member or his failure to vote. Such record, immediately following the board's final decision, shall be filed in the office of the building commissioner of Boston and shall be open to public inspection, and notice of such decision shall be mailed forthwith to each party in interest as aforesaid. Upon any decision changing the zoning map, on file at the state secretary's office, an amended map showing such change endorsed by the chairman of said board shall be filed forthwith at said office. If a change be favorably decided upon or if a decision of the board of appeal shall be confirmed, any person aggrieved or any municipal officer or board may, within fifteen days after the entry of such decision, bring a petition in the supreme judicial court for the county of Suffolk for a writ of certiorari setting forth that such decision is in whole or part not in accordance with the duties and powers of such board as above prescribed and specifying the particulars of such non-compliance. The provisions of section four of chapter two hundred and forty-nine of the General Laws shall, except as herein provided, apply to said petition. against board, No costs shall be allowed against the board unless the No costs court finds that it acted with gross negligence or in bad faith. unless, etc. The board shall not reduce in any way the area of the one No reduction hundred and fifty-five foot district established by this act. of certain area. The board shall report its doings annually on or before Annual the tenth day of February to the mayor of Boston and to the reports. general court. another If any area is hereafter transferred to another district by a Effect of transchange in district boundaries either by action of the board fer of area to of zoning adjustment or by an amendment to this act, the district, etc. buildings and uses then existing within said area shall be subject to the provisions of this act with reference to existing buildings or uses in the district to which the area is removed. Approved May 17, 1926. AN ACT AUTHORIZING INVESTMENT BY SAVINGS BANKS IN Chap.351 SECURITIES OF CERTAIN PUBLIC SERVICE COMPANIES IN ADDITION TO THOSE ALREADY AUTHORIZED. Be it enacted, etc., as follows: - etc., amended. savings banks service com SECTION 1. Section fifty-four of chapter one hundred and G. L. 168, § 54, sixty-eight of the General Laws, as amended, is hereby further amended by inserting after clause sixth, as amended, the following new clause: Sixth A. In the bonds, ma- Investment by turing not later than thirty years subsequent to such invest- in securities of ment, issued or assumed by any corporation incorporated certain public under the laws of the United States or of any state thereof panies. which is operating under the supervision of a public service or other similar commission of the United States or of any state thereof exercising regulatory jurisdiction therein and is engaged in the sale and distribution of electricity, or in such sale and distribution and also in some other form of public service enterprise, or in the manufacture and distribution of artificial gas, and is doing at least eighty per cent of its business within the territorial limits of the United States; provided, that (1) The gross operating revenue of the corporation issuing or assuming such bonds shall be not less than one million dollars for its fiscal year immediately preceding the time of making such investment, and of such revenue at least seventy-five per cent shall be derived from the sale and distribution of electricity or artificial gas, or both, and not exceeding twenty per cent from the operation of a transportation system. Provisos as to such companies. Gross operating revenue, etc. which operat (2) Such corporation shall operate under a franchise or Kind of franfranchises under which at least seventy-five per cent of its his under gross operating revenue is earned and extending at least ing, etc. three years beyond the maturity of any such bond, or under an indeterminate franchise or permit from, or agreement with, a public service commission or other competent public authority, which franchise, permit or agreement equally protects the security of the bondholders. Capital stock. Net earnings available for (3) The capital stock of such corporation shall be equal to at least two thirds the total funded debt thereof; provided, that, in the case of a corporation having shares without par value, the value of its property as shown by its books shall exceed by at least two thirds its total mortgage indebtedness. (4) For the period of five years immediately preceding the interest charges, time of making any investment authorized by this clause, the officially reported net earnings available for interest charges of such corporation, as shown by its annual reports or other sworn statements to the municipal, state or federal authorities shall have been equal to at least twice the interest charges for the same period on the corporation's total outstanding funded debt. etc. Amount of bonds outstanding, etc. Kinds of bonds. Closed underlying mortgage bond, etc. Proviso. First mortgage bond, etc. Refunding mortgage bond, etc. (5) Such bonds, plus the total amount of any underlying bonds, shall be outstanding in an amount not exceeding sixty per cent of the actual value of the fixed property securing such bonds, as shown by the books of the corporation. (6) Such bonds shall be (a) a closed underlying mortgage bond secured by property owned and operated by the corporation issuing or assuming such bond; provided, that such bond is to be refunded by a junior mortgage providing for the retirement of such bond, and that such underlying mortgage may remain open solely for the purpose of issuing additional bonds to be pledged under such junior mortgage or for refunding at par prior lien bonds; or (b) a first mortgage bond constituting the only mortgage debt of such corporation. If such mortgage is not closed, it shall by its terms prevent the issuance of additional bonds for extensions, improvements and property acquisitions, unless such additional bonds are issued either (1) for an amount not exceeding seventy-five per cent of the actual cost of such extensions, improvements and property acquisitions, when net earnings, available for interest charges, for twelve months out of the fifteen months preceding the application to the trustee under such mortgage for authentication of such additional bonds have been equal to at least one and three quarters times the interest charges for one year on the total amount of bonds outstanding under such mortgage and the proposed additional bonds, or (2) for an amount not exceeding eighty per cent of the actual cost of such extensions, improvements and property acquisitions, when net earnings, available for interest charges, for twelve months out of the fifteen months preceding the application to the trustee under such mortgage for authentication of such additional bonds have been equal to at least twice the interest charges for one year on the total amount of bonds outstanding under such mortgage and the proposed additional bonds; or (c) a refunding mortgage bond providing for the retirement of all prior lien or divisional mortgage bonds of such corporation outstanding at the time of making the investment, such bond being secured by a lien on property owned and operated by such corporation; provided, that any Provisos. (7) In this clause, unless the context otherwise requires, "Funded "funded debt" shall be construed to mean all interest- debt," defined. bearing debt maturing more than one year from its date of issue, but excluding bonds of the company held simply as collateral to secure other of its outstanding obligations, and "net earnings" shall be construed to mean the amount "Net earnavailable for interest charges after deduction has been made for all operating expenses, including current maintenance, all taxes except income taxes, and all rentals and guaranteed interest or dividends. ings," defined. (8) If, during any of the periods mentioned in this clause, Consolidated such corporation has been consolidated by purchase or corporations. otherwise, the aggregate operating figures of the corporations so consolidated, exclusive of inter-company charges, shall be sufficient for the purpose of this clause. such invest (9) Not more than fifteen per cent of the deposits of any Limitation of such bank shall be invested in bonds under this clause, nor ments by shall more than two per cent of such deposits be invested in savings banks. the bonds of any such corporation. SECTION 2. Clause Ninth of said section fifty-four, as G. L. 168, § 54, cl. Ninth, subamended in subdivision (c) by section two of chapter one div. (c), etc., hundred and fifty-nine of the acts of nineteen hundred and amended. twenty-two, is hereby further amended by inserting, at the beginning of said subdivision, after the letter "(c)" the figure: (1), and by adding at the end of said subdivision the following new paragraph: (2) Other bonds or notes issued, assumed or guaranteed by endorsement as to both principal and interest by a public service corporation whose securities are authorized for investment by clause Sixth A, so that said subdivision will read as follows: (c) (1) A bond or note of a gas, electric light, telephone or Investments street railway corporation incorporated or doing business in banks in bonds this commonwealth and subject to the control and super- or notes of gas, by savings electric light, telephone or street railway corporations. Provisos. vision thereof: provided, that the net earnings of said corporation, after payment of all operating expenses, taxes and interest as reported to, and according to the requirements of, the proper authorities of the commonwealth, have been in each of the three fiscal years preceding the making. or renewing of such loan equal to not less than four per cent on all its capital stock outstanding in each of said years; and provided, that the gross earnings of said corporation in the fiscal year preceding the making or renewing of such loan have been not less than one hundred thousand dollars. A list of the companies whose securities prima facie comply banks of list of with the requirements of this subdivision shall be furnished whose securities to the commissioner annually, at such time after June comply with sixteenth in any year as he shall designate, by the proper requirements, authorities of the commonwealth having supervision over such companies. Furnishing to commissioner of companies etc. Investments in bonds or notes (2) Other bonds or notes issued, assumed or guaranteed of certain other by endorsement as to both principal and interest by a public service corporation whose securities are authorized for investment by clause Sixth A. -public service corporations. G. L. 168, § 54, etc., cl. Fif teenth, amended. Commissioner of banks to prepare annually list of bonds and notes which SECTION 3. Said section fifty-four, as amended as aforesaid, is hereby further amended by striking out clause Fifteenth and inserting in place thereof the following:Fifteenth, Annually, not later than February first, the commissioner shall prepare a list of all the bonds and notes which are then legal investments under the provisions of clause Third, Fourth, Fifth, Sixth A or Seventeenth. Said list shall at all times be open to public inspection and a copy thereof shall be sent to every savings bank. In the preparation of any list which the commissioner is required to furnish, he may employ such expert assistance as he deems proper or may rely upon information contained in publications which he deems authoritative in reference to such Not responsible matters; and he shall be in no way held responsible for the omissions from omission from such list of the name of any state, municipality or corporation the bonds or notes of which conform to the provisions of this section, or of any bonds or notes which so conform, nor shall he be held responsible for the inclusion in such list of any such names or bonds or notes which do not so conform. Approved May 17, 1926. Expert assistance, etc. for certain list, etc. Chap.352 AN ACT RELATIVE TO THE FEES FOR CERTAIN SPORTING AND G. L. 131, § 3, etc., amended. TRAPPING LICENSES, ΤΟ THE ISSUANCE OF TRAPPING Be it enacted, etc., as follows: SECTION 1. Section three of chapter one hundred and thirty-one of the General Laws, as amended by section one of chapter four hundred and sixty-seven of the acts of nineteen hundred and twenty-one and by section two of chapter two hundred and ninety-five of the acts of nineteen hundred and |