§ 311 — Termination of qualification

§ 311. Termination of qualification. 1. The commissioner of\ntransportation shall make and file an order terminating the\nqualification of a railroad redevelopment corporation if such\ncorporation or any affiliated corporation files an application for an\nincrease in the passenger fares and charges of such railroad\nredevelopment corporation either with the commissioner of transportation\nunder section one hundred nineteen of the transportation law, or with\nthe interstate commerce commission under section thirteen of title\nforty-nine of the United States code, and the acts amendatory thereof or\nsupplementary thereto.\n 2. A railroad redevelopment corporation, at any time not less than\nthree years after the date upon which it qualified as such, may\nterminate its qualification by amending its certificate of\nincorporation, by action pursuant to article eight of the business\ncorporation law, without requiring the consent and approval of the\ncommissioner of transportation, so as to delete therefrom the provision\nthat it elects to be qualified as a railroad redevelopment corporation.\n 3. Upon the termination of its qualification as a railroad\nredevelopment corporation, such corporation shall cease to be entitled\nto the benefits or subject to the obligations of a railroad\nredevelopment corporation; but such corporation shall continue to comply\nwith its agreement as to the setting aside and use of a separate fund in\naccordance with subparagraph (2) of paragraph (H) of subdivision two of\nsection three hundred three.\n