§ 56-51.1. Donation of entire capital stock of turnpike or ferry corporations to Commission or to political su...
Any turnpike or ferry corporation subject to this chapter may donate and transfer its entire capital stock to the Commonwealth Transportation Board, or, in equitable proportions, to the political subdivisions wherein its toll turnpike is constructed, or to be constructed, or in the case of a ferry corporation to such political subdivision wherein its terminals or docks are located or to such political subdivisions as may be specified or designated in its charter.
Authority to accept such donation and transfer of such stock is hereby conferred upon the Commonwealth Transportation Board and upon the governing bodies of such political subdivisions in their discretion; provided that the offer of donation and the resolution of acceptance shall expressly stipulate that the acceptance of such donation and ownership of said stock shall not thereby be deemed to create or involve any obligation or liability upon said Commission or upon any such political subdivision.
(1952, c. 613; 1954, c. 541; 1956, c. 438.)
Sections: Previous 56-47 56-49 56-49.01 56-49.1 56-51.1 56-52 NextLast modified: April 3, 2009