There is a newer version
of
the New York Laws
2019 New York Laws
RRD - Railroad
Article 7 - Railroad Redevelopment Corporations
304 - Limitations Upon Payments on Indebtedness and Stock.
Universal Citation: NY RR L § 304 (2019)
§ 304. Limitations upon payments on indebtedness and stock. A railroad redevelopment corporation shall not declare or pay any dividends on its capital stock or make any payments of interest or principal upon any bonds or other indebtedness of such corporation which its certificate of approval, with the consent of any bondholders or other creditors affected thereby, specifically provides shall not be made. In no event shall any such corporation pay dividends on its stock at a rate in excess of five per centum per annum. No bondholder or creditor or stockholder of such corporation shall receive any payments which are prohibited hereunder.
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