§ 310. Accounting terms. The meaning of all accounting terms used in this article, and the calculation of each amount to be computed under any provision of this article, shall be determined in accordance with the uniform system of accounts for railroad companies or other applicable rules, regulations, or orders of the interstate commerce commission, or other federal regulatory agency having jurisdiction at the time over the accounts of the corporation or, to the extent not so governed, in accordance with sound accounting practice.

Terms Used In N.Y. Railroad Law 310

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  Previous section
Next section  
 Article 7 Contents