N.Y. Railroad Law 6 – Applicability of business corporation law to railroad corporations
§ 6. Applicability of business corporation law to railroad corporations. (a) The business corporation law applies to a corporation heretofore or hereafter formed under this chapter, or under any other statute or special act of this state, or under laws other than the statutes of this state, which has as its purpose or among its purposes a purpose for which a corporation may be formed under this chapter, except that in case of a conflict between the business corporation law and this chapter the provisions of this chapter shall govern. If there is in this chapter a provision relating to a matter embraced in the business corporation law and not in conflict therewith, both provisions shall apply. Any corporation to which the business corporation law is made applicable by this section shall be treated as a "corporation", "domestic corporation", or "foreign corporation", as such terms are used in the business corporation law, except that the purposes for which any such corporation may be formed under section five of this chapter shall not thereby be extended.
Terms Used In N.Y. Railroad Law 6
- 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.
- Statute: A law passed by a legislature.
(b) For the purpose of this section and elsewhere in this chapter, the effective date of the business corporation law as to corporations to which the business corporation law is made applicable by this section shall be September first, nineteen hundred sixty-four.