§ 300. Legislative policy and purposes. It is hereby declared to be the policy of the state to encourage and bring about the rehabilitation, improvement, and continued operation by private enterprise of the facilities of any domestic railroad corporation which now or hereafter is a debtor in proceedings under the bankruptcy laws of the United […]
§ 301. Qualification. The certificate of incorporation of any corporation organized for the purpose of acquiring, maintaining, and operating the facilities of a railroad corporation of the kind described in section three hundred may provide that such new corporation elects to qualify as a railroad redevelopment corporation under and pursuant to the provisions of this […]
§ 302. Certain directors to be local residents. The certificate of incorporation of any corporation qualifying hereunder shall provide that, during the period of its existence as a railroad redevelopment corporation, one-third of the members of its board of directors shall be residents of the counties served by such corporation and shall be otherwise unaffiliated, […]
§ 303. Certificate of approval. 1. The commissioner of transportation and other state agency, if any be authorized by law to do so, shall give a certificate of approval of the qualification of a railroad corporation as a railroad redevelopment corporation if, in the judgment of the commissioner of transportation and such other agency, such […]
§ 304. Limitations upon payments on indebtedness and stock. A railroad redevelopment corporation shall not declare or pay any dividends on its capital stock or make any payments of interest or principal upon any bonds or other indebtedness of such corporation which its certificate of approval, with the consent of any bondholders or other creditors […]
§ 305. Tax exemption. A railroad redevelopment corporation, during each year of its existence as such corporation, shall be exempt from the payment of any and all taxes (including, without limitation, franchise, organization, income, mortgage recording, excise, sales, and compensating use taxes) to the state, or to any political subdivision thereof, or to any officers […]
§ 306. Rates, fares, and charges. A railroad redevelopment corporation shall be entitled to maintain such rates, fares, and charges as will enable such corporation to have sufficient operating revenues and other income in any twelve months of its existence as a railroad redevelopment corporation to provide for the following items during that twelve-month period: […]
§ 307. Fare changes. 1. In the event it appears at any time to a railroad redevelopment corporation that its operating revenues and other income will not be sufficient during the forthcoming twelve months to provide for the items enumerated in section three hundred six, such corporation may make application to the commissioner of transportation […]
§ 308. Reductions in fares and charges. In the event that the commissioner of transportation, after a hearing held in his discretion, on his own motion and on reasonable notice, shall determine (1) that a railroad redevelopment corporation, during the most recent twelve-month period for which figures shall be available at the time of such […]
§ 309. Reports to the commissioner of transportation. In addition to any reports which railroad corporations are required to file with the commissioner of transportation pursuant to the transportation law, a railroad redevelopment corporation shall file monthly reports with the commissioner of transportation, within sixty days after the close of each month, setting forth a […]
§ 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, […]
§ 311. Termination of qualification. 1. The commissioner of transportation shall make and file an order terminating the qualification of a railroad redevelopment corporation if such corporation or any affiliated corporation files an application for an increase in the passenger fares and charges of such railroad redevelopment corporation either with the commissioner of transportation under […]
§ 312. Orders of the commissioner of transportation. In addition to its other powers under this article, the commissioner of transportation shall have power, after a hearing held in his discretion, on his own motion and on reasonable notice, to make and file such orders as he may deem necessary or appropriate to direct a […]
§ 313. Application of other laws. All provisions of law relating to railroad corporations, as hereafter from time to time amended, shall apply to railroad redevelopment corporations except where such provisions are in conflict with the provisions of this article. Nothing in this article shall be construed to limit the powers of the commissioner of […]
