N.Y. Railroad Law § 141: Mergers and consolidations of certain railroad corporations

§ 141. Mergers and consolidations of certain railroad corporations.

With the consent and approval of the commissioner of transportation

pursuant to section one hundred eighty-eight of the transportation law,

a railroad corporation all of whose outstanding shares of each class are

owned by a corporation, domestic or foreign, which has as its purpose or

among its purposes a purpose for which a corporation may be formed under

the business corporation law, may merge into or consolidate with such

owning corporation, following the procedure and with the effect set out

in article nine of the business corporation law; provided, however, that

upon such merger or consolidation the surviving or consolidated

corporation, if a domestic corporation, shall not possess any of the

rights, privileges, immunities, powers and purposes of such railroad

corporation which could not be lawfully possessed by a corporation

formed under the business corporation law.