N.Y. Railroad Law § 226: Shall prepare certificate of incorporation; proviso as to forfeiture

§ 226. Shall prepare certificate of incorporation; proviso as to

forfeiture. The commissioners shall prepare an appropriate certificate

of incorporation for the corporation in the last section mentioned in

which shall be set forth and embodied, as component parts thereof, the

several conditions, requirements and particulars by such commissioners

determined pursuant to the provisions of this article, and which shall

also provide for the release and forfeiture to the supervisors of the

county, or if the road is to be constructed wholly or partly within a

city, to such city, of all rights and franchises acquired by such

corporation in case such railroad or railroads shall not be completed

within the time and upon the conditions therein provided; and the

commissioners shall thereupon and within one hundred and twenty days

after their organization cause a suitable book of subscription to the

capital stock of such corporation to be opened pursuant to due public

notice at a banking office in such county or city. A failure by any

corporation heretofore or hereafter organized under this article to

complete its railroad within the time limited in and by its certificate

of incorporation shall only work a forfeiture of the franchises of such

corporation with respect to that portion of its route which such

corporation shall have failed to complete, and shall not affect the

rights and franchises of such corporation to construct and operate such

part of its railroad which it shall have completed within the term

prescribed by its certificate of incorporation, or as to which the time

for completion shall not have expired, notwithstanding anything to the

contrary in its certificate of incorporation.