N.Y. Railroad Law § 311: Termination of qualification

§ 311. Termination of qualification. 1. The commissioner of

transportation shall make and file an order terminating the

qualification of a railroad redevelopment corporation if such

corporation or any affiliated corporation files an application for an

increase in the passenger fares and charges of such railroad

redevelopment corporation either with the commissioner of transportation

under section one hundred nineteen of the transportation law, or with

the interstate commerce commission under section thirteen of title

forty-nine of the United States code, and the acts amendatory thereof or

supplementary thereto.

2. A railroad redevelopment corporation, at any time not less than

three years after the date upon which it qualified as such, may

terminate its qualification by amending its certificate of

incorporation, by action pursuant to article eight of the business

corporation law, without requiring the consent and approval of the

commissioner of transportation, so as to delete therefrom the provision

that it elects to be qualified as a railroad redevelopment corporation.

3. Upon the termination of its qualification as a railroad

redevelopment corporation, such corporation shall cease to be entitled

to the benefits or subject to the obligations of a railroad

redevelopment corporation; but such corporation shall continue to comply

with its agreement as to the setting aside and use of a separate fund in

accordance with subparagraph (2) of paragraph (H) of subdivision two of

section three hundred three.