2016 New York Laws
CAL - Canal
Article 5 - (Canal) ACQUISITION OF PROPERTY FOR THE CANAL SYSTEM
43 - Exchange of property.

  43. Exchange of property. In order to facilitate the acquisition of
  property as defined in this article, and which, in the judgment  of  the
  corporation,  will  be  in  the  public interest and necessary for canal
  purposes, payment for such property may be made by means of an  exchange
  therefor of property found to be no longer necessary or useful as a part
  of  the  barge  canal system, or as an aid to navigation thereon, or for
  barge canal terminal purposes. The property to be so acquired  shall  be
  of  at  least  equal value to that of such property to be exchanged. The
  corporation is authorized and empowered to enter into an agreement  with
  the  owner or owners of such property to be so acquired, upon such terms
  and conditions as to such corporation shall seem appropriate and  proper
  to accomplish such purpose.
In  all  such  cases,  the  property so to be exchanged shall first be
  declared abandoned by official order  of  the  corporation  which  order
  shall  set  forth  the benefits to be obtained by such exchange. In such
  abandonment it shall be unnecessary to conform  to  the  provisions  for
  abandonment made in section fifty-one of this chapter. The agreement and
  the  title  to  the  property  to  be  acquired  shall be subject to the
  approval of the attorney-general. Upon the  approval  of  title  by  the
  attorney-general, the corporation is authorized and empowered to execute
  in the name of the people of the state of New York, a quit-claim deed to
  effectuate  such exchange, which shall be subject to the approval of the
  attorney-general. The deed so executed, before becoming effective, shall
  be recorded in the office of the secretary  of  state.  Compensation  on
  account  of  excess  value  if  any,  of  the lands so acquired shall be
  adjusted and paid in the  manner  provided  by  section  forty  of  this
  article, as in the case of property taken by appropriation.