New York Transportation Corporations Law Section 104 - Corporate acts subject to approval of commissioner of transportation.

   104.  Corporate  acts  subject  to  approval  of  commissioner  of
  transportation. It shall be necessary for such a corporation  to  secure
  the approval of the commissioner of transportation as a condition to the
  following  corporate acts: The issuance of stock; the issuance of bonds,
  notes or other evidences  of  indebtedness,  payable  more  than  twelve
  months   after  the  date  of  issuance;  the  mortgaging  of  property,
  privileges or franchises to secure  its  obligations;  the  increase  or
  decrease  of  its  capital or capital stock; the change of number of its
  shares; the purchase or acquisition of stocks, bonds or other  evidences
  of indebtedness of any other corporation, domestic or foreign.
Such  order  of  approval  shall  state  that  in  the  opinion of the
  commissioner the use of the capital to be obtained by the issue of  such
  stock, bonds, notes, or evidences of indebtedness is reasonably required
  for  the  purposes  of  the corporation, and shall specify the amount of
  each issue thereof to which his approval is given.

Last modified: February 3, 2019