New York Railroad Law Article 7 - RAILROAD REDEVELOPMENT CORPORATIONS

• 300 - Legislative Policy and Purposes.
  It is hereby declared to be the policy of the state to encourage and bring about the rehabilitation, improvement, and continued operation by private enterprise...
• 301 - Qualification.
  The certificate of incorporation of any corporation organized for the purpose of acquiring, maintaining, and operating the facilities of a railroad corporation of the kind...
• 302 - Certain Directors to Be Local Residents.
  The certificate of incorporation of any corporation qualifying hereunder shall provide that, during the period of its existence as a railroad redevelopment corporation, one-third of...
• 303 - Certificate of Approval.
  1. The commissioner of transportation and other state agency, if any be authorized by law to do so, shall give a certificate of approval of...
• 304 - Limitations Upon Payments on Indebtedness and Stock.
  A railroad redevelopment corporation shall not declare or pay any dividends on its capital stock or make any payments of interest or principal upon any...
• 305 - Tax Exemption.
  A railroad redevelopment corporation, during each year of its existence as such corporation, shall be exempt from the payment of any and all taxes (including,...
• 306 - Rates, Fares, and Charges.
  A railroad redevelopment corporation shall be entitled to maintain such rates, fares, and charges as will enable such corporation to have sufficient operating revenues and...
• 307 - Fare Changes.
  1. In the event it appears at any time to a railroad redevelopment corporation that its operating revenues and other income will not be sufficient...
• 308 - Reductions in Fares and Charges.
  In the event that the commissioner of transportation, after a hearing held in his discretion, on his own motion and on reasonable notice, shall determine...
• 309 - Reports to the Commissioner of Transportation.
  In addition to any reports which railroad corporations are required to file with the commissioner of transportation pursuant to the transportation law, a railroad redevelopment...
• 310 - Accounting Terms.
  The meaning of all accounting terms used in this article, and the calculation of each amount to be computed under any provision of this article,...
• 311 - Termination of Qualification.
  1. The commissioner of transportation shall make and file an order terminating the qualification of a railroad redevelopment corporation if such corporation or any affiliated...
• 312 - Orders of the Commissioner of Transportation.
  In addition to its other powers under this article, the commissioner of transportation shall have power, after a hearing held in his discretion, on his...
• 313 - Application of Other Laws.
  All provisions of law relating to railroad corporations, as hereafter from time to time amended, shall apply to railroad redevelopment corporations except where such provisions...

Last modified: February 3, 2019