N.Y. Transportation Corporations Law § 104: Corporate acts subject to approval of commissioner of transportation

§ 104. Corporate acts subject to approval of commissioner of

transportation. It shall be necessary for such a corporation to secure

the approval of the commissioner of transportation as a condition to the

following corporate acts: The issuance of stock; the issuance of bonds,

notes or other evidences of indebtedness, payable more than twelve

months after the date of issuance; the mortgaging of property,

privileges or franchises to secure its obligations; the increase or

decrease of its capital or capital stock; the change of number of its

shares; the purchase or acquisition of stocks, bonds or other evidences

of indebtedness of any other corporation, domestic or foreign.

Such order of approval shall state that in the opinion of the

commissioner the use of the capital to be obtained by the issue of such

stock, bonds, notes, or evidences of indebtedness is reasonably required

for the purposes of the corporation, and shall specify the amount of

each issue thereof to which his approval is given.