§ 173-c. Every city, town and village of this state shall have power, subject to the provisions of sections one hundred and seventy-three-a to one hundred and seventy-three-h, both inclusive, of this article, to enter into an agreement for the purchase of and to acquire by purchase all or any part of the property, plant and equipment of a street surface railroad, actually used and useful for the convenience of the public, operating under any terminable permit as herein provided, and upon the purchase thereof to operate such street surface railroad or part thereof, or to contract with any person, firm or corporation for the equipment, maintenance and operation thereof.

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

  • 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.
  • 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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