N.Y. Rapid Trans. Law § 91 Procedure Under Plan

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Rapid Trans. Law § 91

a. Upon the completion of such plan, but before final adoption thereof, the commission shall hold a public hearing thereon at which citizens shall be entitled to appear and be heard. The commission shall transmit a copy thereof to the board of estimate of the city and to each of the railroad companies which owns, leases or operates any of the railroads included therein with a request for the statement of the views of such board of estimate and such railroad companies thereon. Such board of estimate and each such railroad company may transmit such views and be heard thereon within a period of time to be prescribed by the commission. Thereafter the commission, from time to time, may make such changes in or modifications of such plan as the commission in its discretion may deem to be advisable. The commission shall then formally adopt the plan and call upon each of the railroad companies which owns, leases or operates any of the railroads included therein or whose leasehold, contract or other interests are to be acquired to inform it within a period of time to be fixed by the commission whether it accepts such plan. Any such plan as formally adopted by the commission may provide that the commission, with the approval of the board of estimate, from time to time, shall determine whether and when a sufficient amount of the securities to be adjusted have been deposited under or have otherwise assented to the plan to render it advisable to declare the plan operative, and in such latter event the plan shall not be or become operative until so declared by the commission with the approval of the board of estimate. If the railroad companies or one or more of them do so accept, or if in the judgment of the commission a sufficient number of them so accept as to justify carrying out the plan, and if the board of estimate also approves the plan, and the plan is or is declared operative in accordance with its terms, the board of estimate shall take all such action as may be necessary or convenient to carry out the plan. All deeds, assignments or surrenders of leaseholds and contracts and other interests, leases, mortgages, contracts and other documents shall be approved by the commission.

b. The plan may include all the railroads or systems of railroads and controlling or leasehold interests therein which the commission decides should be included thereunder or may in the first instance include one or more railroads or systems of railroads, or controlling or leasehold interests therein and may thereafter, with the approval of the board of estimate be amended or supplemented at any time or from time to time, either before or after the completion thereof, to include one or more additional railroads or systems of railroads, or controlling or leasehold interests therein as the commission may decide, or there may be several plans each comprising different railroads or systems of railroads. The commission, if in its judgment such action is necessary, but only after a public hearing, and with the consent of the board of estimate and of each railroad company whose railroads or interests therein are included therein, from time to time may modify such plan after formal adoption thereof. The commission may further extend any period of time prescribed in this article or by it thereunder with like authority.