NY Transp L § 128 (2021)
2021 New York Laws TRA - Transportation Article 5 - The Powers of the Commissioner in Respect to Common Carriers 128 - Transfer of Franchises, Property or Stocks.

§ 128. Transfer of franchises, property or stocks. 1. No franchise nor   any  right  to  or  under any franchise, to own or operate a railroad or   street railroad shall be assigned, transferred or leased, nor shall  any   contract  or agreement with reference to or affecting any such franchise   or right be valid or of any  force  or  effect  whatsoever,  unless  the   assignment,  transfer,  lease,  contract  or  agreement  shall have been   approved by the commissioner. No street railroad company shall  transfer   or  lease its works or system or any part of such works or system to any   other person or corporation or contract for the operation of  its  works   and  system,  without  the  written  consent  of  the  commissioner. The   permission and approval  of  the  commissioner  to  the  exercise  of  a   franchise  under section one hundred twenty-seven, or to the assignment,   transfer or lease of a franchise under this section shall not revive  or   validate  any  lapsed  or invalid franchise, or to enlarge or add to the   powers and privileges contained in the grant of  any  franchise,  or  to   waive any forfeiture.2.  No  railroad  company  or  street  railroad  company,  domestic or   foreign, or a corporation which owns or operates a stage, bus  or  motor   vehicle  line or route under the jurisdiction of the commissioner, shall   hereafter purchase or acquire, take, or hold, any part  of  the  capital   stock  of any common carrier organized or existing under or by virtue of   the laws of this state, unless authorized so to do by the  commissioner;   and  except  where stock shall be transferred or held for the purpose of   collateral security only with the consent of the commissioner, no  stock   corporation  of  any  description,  domestic  or  foreign,  other than a   railroad company, street railroad company, or a corporation  which  owns   or  operates  a  stage,  bus  or  motor  vehicle line or route under the   jurisdiction of the commissioner, shall purchase or  acquire,  take,  or   hold, more than ten per centum of the voting capital stock issued by any   common  carrier  organized or existing under or by virtue of the laws of   this state, except that a corporation now lawfully holding a majority of   the voting capital stock of any  railroad  company  or  street  railroad   company  either  directly  or  through ownership thereof by a subsidiary   corporation may with the consent of the commissioner  acquire  and  hold   the  entire  voting  capital  stock  of  such railroad company or street   railroad company or any  portion  thereof.    Provided,  that  with  the   consent  of  the  commissioner  and  upon  and subject to such terms and   conditions as the commissioner  may  fix  and  impose,  any  such  stock   corporation  may  acquire, take and hold more than ten per centum of the   voting capital stock of any common carrier organized or  existing  under   or by virtue of the laws of this state. No consent shall be given by the   commissioner  to  the  acquisition  of any stock in accordance with this   section unless it shall have been shown that such acquisition is in  the   public  interest. Nothing herein contained shall be construed to prevent   the holding of any stock  heretofore  lawfully  acquired  or,  upon  the   surrender  or  exchange  of  said stock or said stock and bonds or other   evidence of indebtedness pursuant to an agreement  of  consolidation  or   merger  or  a  reorganization  plan,  approved  by  the commissioner, to   prevent the purchase, acquisition,  taking  or  holding  of  the  voting   capital  stock  of  the  new  corporation  organized  pursuant  to  such   agreement or plan to take over the property  of  any  corporation  whose   stock  or  whose stock and bonds or other evidences of indebtedness have   been thus surrendered or exchanged,  or,  subject  to  approval  by  the   commissioner, to prevent the purchase, acquisition, taking or holding of   any further issue of stock provided such further issue does not increase   the  proportion  of voting capital stock held by such stock corporation.   Every contract, assignment, transfer or agreement for  transfer  of  any   stock  by  or  through  any person or corporation to any corporation, in    violation of this chapter, shall be void and of no effect, and  no  such   transfer or assignment shall be made upon the books of any such railroad   company  or street railroad company, or shall be recognized as effective   for  any  purpose.  The  power  conferred  by this section to approve or   disapprove a transaction relating to franchises, rights or stock of  any   common carrier, shall be exercised by the commissioner.