Mass. Gen. Laws ch. 159 § 53
In computing the amount of capital stock of a railroad corporation, electric railroad, railway or elevated railway company in order to determine the maximum amount of bonds, coupon notes or other evidences of indebtedness, payable at periods of more than twelve months after the date thereof, under sections forty-seven, forty-eight and sixty-four of chapter one hundred and sixty or section twenty-nine of chapter one hundred and sixty-one, and under any similar provisions of any special acts limiting the amount of such securities, which a railroad corporation, electric railroad, railway or elevated railway company may issue, there shall be added to the par value of the capital stock all cash premiums paid into the corporation on all shares issued by such corporation or company subsequent to July ninth, eighteen hundred and ninety-four, under chapter four hundred and sixty-two of the acts of eighteen hundred and ninety-four or any similar provisions of law.
Mass. Gen. Laws ch. 159, § 53