NY Rapid Trans L § 91 (2021)
2021 New York Laws RAT - Rapid Transit Article 8 - Plan for Unification 91 - Procedure Under Plan.

§  91. Procedure under plan.  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.c.  The  grant  of power herein conferred shall embrace, and the words   "the railroad" as used herein shall be deemed to embrace, contracts  and   leases  for  the  use  and  operation  of  railroads, including existing   contracts and leases between the city and a  railroad  company  for  the   construction,  equipment,  maintenance  and operation of railroads under   this chapter; provided,  however,  that  the  acquisition  of  any  such   contract  so  made  by  the  city  or its transfer to the city shall not   operate as a merger or cancellation of such contract,  unless  otherwise    provided in the plan, but such contract may be held in trust by the city   for the beneficiaries thereunder, including the city, as provided in the   plan  until  such  time  as the obligations in respect thereto under the   plan shall have been discharged.e. Railroads and interests therein may be acquired by the city subject   to  all or any mortgages that may be existing thereon. In the event that   railroads or interests therein are acquired in whole or in part  subject   to  existing  mortgages,  all the obligations of any mortgage subject to   which the railroads are acquired in its discretion, may, and if required   by the terms of such mortgage, shall be assumed by the  city,  provided,   that  any  such acquisition and assumption shall in no respect increase,   diminish, alter or otherwise affect any rights vested in the trustee  or   the bondholders under any such mortgage.f.  The  plan  and  any  contract, lease or mortgage made in pursuance   thereof may contain such other  terms,  conditions  and  covenants,  not   inconsistent  with  this article, as the commission or board of estimate   shall deem to be necessary or  advisable,  including  provision  whereby   elevated  railroads  or  portions  thereof  acquired  by the city may be   removed under arrangements between the mortgage trustees and  the  board   of estimate.g.  After  the approval of such plan, as provided in this section, and   thereupon, if the plan is or is declared to be operative  in  accordance   with  its terms, the board of estimate may consummate the transaction by   the execution and delivery of the deeds of conveyance and instruments of   transfer, leases, mortgages, contracts and  all  other  instruments  and   documents,  necessary  or  advisable  for  carrying the plan into effect   which shall be approved by the commission.h. All the provisions of this article and all  powers  hereby  granted   with  reference  to railroads and properties and interests therein shall   likewise apply with equal force  and  effect  to  recaptured  railroads;   provided,  however,  that nothing contained in this article with respect   to recapture or recaptured railroads shall alter or affect any rights or   remedies of the city or of  any  railroad  company  under  any  existing   contract.i.  If,  pursuant to a plan, the city shall become the owner or holder   of securities of a corporation owning the railroads to be acquired under   the plan, or the securities of a corporation holding the  securities  of   such  owning  corporation,  or  securities  to  which such railroads are   subject, such securities shall be delivered  into  the  custody  of  the   comptroller of the city. The city, acting by the board of estimate or by   such  person  as  the board of estimate may designate, may exercise such   powers with respect to such securities as might any other holder hereof.