N.Y. RRD Law § 175 — New York Code / Act RRD / Article 5 / Section 175
Percentage of gross receipts to be paid in cities or villages; report of officers
Status: in_force

§ 175. Percentage of gross receipts to be paid in cities or villages;\nreport of officers. Every corporation building or operating a railroad\nor branch or extension thereof, under the provisions of this article, or\nof chapter two hundred and fifty-two of the laws of eighteen hundred and\neighty-four, within any city of the state having a population of twelve\nhundred thousand or more, shall, for and during the first five years\nafter the commencement of the operation of any portion of its railroad\nannually, on November first, pay into the treasury of the city in which\nits road is located, to the credit of the sinking fund thereof, three\nper centum of its gross receipts for and during the year ending\nSeptember thirtieth next preceding; and after the expiration of such\nfive years, make a like annual payment into the treasury of the city to\nthe credit of the same fund, of five per centum of its gross receipts.\nIf a street surface railroad corporation existing and operating any such\nrailroad in any such city on May sixth, eighteen hundred and\neighty-four, shall have thereafter extended its tracks or constructed\nbranches therefrom, and shall operate such branches or extensions under\nthe provisions of chapter two hundred and fifty-two of the laws of\neighteen hundred and eighty-four, or of this article, such corporation\nshall pay such percentages only upon such portions of its gross receipts\nas shall bear the same proportion to its whole gross receipts as the\nlength of such extension or branches shall bear to the entire length of\nits line. In any other incorporated city or village the local\nauthorities shall have the right to require, as a condition to their\nconsent to the construction, operation or extension of a railroad under\nthe provisions of this article, the payment annually of such percentage\nof gross receipts, not exceeding three per centum, into the treasury of\nthe city or village as they may deem proper. In case of extension the\namount to be paid shall be ascertained in the manner heretofore\nprovided. The corporation failing to pay such percentage of its gross\nearnings shall, after November first, pay in addition thereto five per\ncentum a month on such percentage until paid. The president and\ntreasurer of any corporation required by the provisions of this article\nto make a payment annually upon its gross receipts shall, on or before\nNovember first in each year, make a verified report to the comptroller\nor chief fiscal officer of the city of the gross amount of its receipts\nfor the year ending September thirtieth, next preceding, and the books\nof such corporation shall be open to inspection and examination by such\ncomptroller or officer, or his duly appointed agent, for the purpose of\nascertaining the correctness of its report as to its gross receipts.\nThe corporate rights, privileges and franchises acquired under this\narticle or such chapter by any corporation, which shall fail to comply\nwith all the provisions of this section, shall be forfeited to the\npeople of the state, and upon judgment of forfeiture rendered in an\naction brought in the name of the people by the attorney-general, shall\ncease and determine.\n