N.Y. Railroad Law 145 – Stocks of municipal corporations, how represented
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§ 145. Stocks of municipal corporations, how represented. At any meeting of the stockholders of any railroad corporation to consider any agreement or proposition of consolidation, merger, lease or conveyance, or other matter, the commissioners or other officers of any municipal corporation holding or having charge of any of the capital stock of such railroad corporation shall represent such municipal corporation, and may act and vote in person or by proxy on all matters relating to such consolidation or lease in the same manner as individual stockholders.
Terms Used In N.Y. Railroad Law 145
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC