§ 162. Acquisition and maintenance of railroad built, owned or operated by a corporation not organized under this chapter. No railroad corporation organized under subdivision three of section five of this chapter shall acquire, purchase or lease or maintain and operate a railroad already built, owned and operated by a corporation of this state not organized under the railroad law, unless the commissioner of transportation shall consent thereto.

Terms Used In N.Y. Railroad Law 162

  • 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
  Previous section
Next section  
 Article 4 Contents