§ 173-e. The acceptance of a terminable permit, or the acceptance of an amendment to any existing license, grant, franchise, permit or consent incorporating therein the terms of a terminable permit, shall constitute a consent by the street surface railroad corporation or corporations, or other person, firm or corporation so accepting the same to the purchase by the city, town or village of all or any part of the street surface railroad property, plant and equipment actually used and useful for the public and situated within the corporate limits of the city, town or village, as provided for in this article.

Terms Used In N.Y. Railroad Law 173-E

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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.
  • terminable permit: as used in this article shall mean and embrace every grant from a city, town or village of power, right or privilege to occupy or use any of the streets, roads, highways, avenues, parks or public places of such city, town or village for the construction and operation of a street surface railroad, until such time as the city, town or village shall exercise its right to purchase the property, plant and equipment of such street surface railroad in accordance with the provisions of sections one hundred and seventy-three-a to one hundred and seventy-three-h, both inclusive, of this article, or until it shall be otherwise terminated according to law. See N.Y. Railroad Law 173-A
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