2018 New York Laws
TCP - Transportation Corporations
Article 8 - Freight Terminal Corporations.
104 - Corporate Acts Subject to Approval of Commissioner of Transportation.
§ 104. Corporate acts subject to approval of commissioner of transportation. It shall be necessary for such a corporation to secure the approval of the commissioner of transportation as a condition to the following corporate acts: The issuance of stock; the issuance of bonds, notes or other evidences of indebtedness, payable more than twelve months after the date of issuance; the mortgaging of property, privileges or franchises to secure its obligations; the increase or decrease of its capital or capital stock; the change of number of its shares; the purchase or acquisition of stocks, bonds or other evidences of indebtedness of any other corporation, domestic or foreign.
Such order of approval shall state that in the opinion of the commissioner the use of the capital to be obtained by the issue of such stock, bonds, notes, or evidences of indebtedness is reasonably required for the purposes of the corporation, and shall specify the amount of each issue thereof to which his approval is given.
