2023 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.