N.Y. Railroad Law 148 – Lease and conveyance of road
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§ 148. Lease and conveyance of road. A railroad corporation may not contract, by way of lease, agreement to convey or otherwise, with any other such corporation for the use of their respective roads or routes, or any part thereof, situated within this state, without the permission and approval of the commissioner of transportation.
Terms Used In N.Y. Railroad Law 148
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC