New York § 304 Limitations upon payments on indebtedness and stock

New York Statutes

§ 304 — Limitations upon payments on indebtedness and stock

New York § 304

Law RRDRailroad

Art. 7Railroad Redevelopment Corporations

This text of New York § 304 (Limitations upon payments on indebtedness and stock) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Railroad § 304 (2026).

Text

  § 304. Limitations upon payments on indebtedness and stock. A railroad\nredevelopment corporation shall not declare or pay any dividends on its\ncapital stock or make any payments of interest or principal upon any\nbonds or other indebtedness of such corporation which its certificate of\napproval, with the consent of any bondholders or other creditors\naffected thereby, specifically provides shall not be made. In no event\nshall any such corporation pay dividends on its stock at a rate in\nexcess of five per centum per annum. No bondholder or creditor or\nstockholder of such corporation shall receive any payments which are\nprohibited hereunder.\n

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§ 304. Limitations upon payments on indebtedness and stock. A railroad\nredevelopment corporation shall not declare or pay any dividends on its\ncapital stock or make any payments of interest or principal upon any\nbonds or other indebtedness of such corporation which its certificate of\napproval, with the consent of any bondholders or other creditors\naffected thereby, specifically provides shall not be made. In no event\nshall any such corporation pay dividends on its stock at a rate in\nexcess of five per centum per annum. No bondholder or creditor or\nstockholder of such corporation shall receive any payments which are\nprohibited hereunder.\n