N.Y. Railroad Law § 304: Limitations upon payments on indebtedness and stock

§ 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

bonds or other indebtedness of such corporation which its certificate of

approval, with the consent of any bondholders or other creditors

affected thereby, specifically provides shall not be made. In no event

shall any such corporation pay dividends on its stock at a rate in

excess of five per centum per annum. No bondholder or creditor or

stockholder of such corporation shall receive any payments which are

prohibited hereunder.