State Codes and Statutes

Statutes > New-york > Rrd > Article-6 > 226

§  226.  Shall  prepare  certificate  of  incorporation; proviso as to  forfeiture. The commissioners shall prepare an  appropriate  certificate  of  incorporation  for  the corporation in the last section mentioned in  which shall be set forth and embodied, as component parts  thereof,  the  several  conditions,  requirements and particulars by such commissioners  determined pursuant to the provisions of this article, and  which  shall  also  provide  for  the release and forfeiture to the supervisors of the  county, or if the road is to be constructed wholly or  partly  within  a  city,  to  such  city,  of  all  rights  and franchises acquired by such  corporation in case such railroad or railroads shall  not  be  completed  within  the  time  and  upon  the  conditions  therein provided; and the  commissioners shall thereupon and within one  hundred  and  twenty  days  after  their  organization  cause a suitable book of subscription to the  capital stock of such corporation to be opened pursuant  to  due  public  notice  at  a  banking  office  in such county or city. A failure by any  corporation heretofore or hereafter  organized  under  this  article  to  complete  its railroad within the time limited in and by its certificate  of incorporation shall only work a forfeiture of the franchises of  such  corporation  with  respect  to  that  portion  of  its  route which such  corporation shall have failed to complete,  and  shall  not  affect  the  rights  and franchises of such corporation to construct and operate such  part of its railroad which it  shall  have  completed  within  the  term  prescribed  by its certificate of incorporation, or as to which the time  for completion shall not have expired, notwithstanding anything  to  the  contrary in its certificate of incorporation.

State Codes and Statutes

Statutes > New-york > Rrd > Article-6 > 226

§  226.  Shall  prepare  certificate  of  incorporation; proviso as to  forfeiture. The commissioners shall prepare an  appropriate  certificate  of  incorporation  for  the corporation in the last section mentioned in  which shall be set forth and embodied, as component parts  thereof,  the  several  conditions,  requirements and particulars by such commissioners  determined pursuant to the provisions of this article, and  which  shall  also  provide  for  the release and forfeiture to the supervisors of the  county, or if the road is to be constructed wholly or  partly  within  a  city,  to  such  city,  of  all  rights  and franchises acquired by such  corporation in case such railroad or railroads shall  not  be  completed  within  the  time  and  upon  the  conditions  therein provided; and the  commissioners shall thereupon and within one  hundred  and  twenty  days  after  their  organization  cause a suitable book of subscription to the  capital stock of such corporation to be opened pursuant  to  due  public  notice  at  a  banking  office  in such county or city. A failure by any  corporation heretofore or hereafter  organized  under  this  article  to  complete  its railroad within the time limited in and by its certificate  of incorporation shall only work a forfeiture of the franchises of  such  corporation  with  respect  to  that  portion  of  its  route which such  corporation shall have failed to complete,  and  shall  not  affect  the  rights  and franchises of such corporation to construct and operate such  part of its railroad which it  shall  have  completed  within  the  term  prescribed  by its certificate of incorporation, or as to which the time  for completion shall not have expired, notwithstanding anything  to  the  contrary in its certificate of incorporation.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Rrd > Article-6 > 226

§  226.  Shall  prepare  certificate  of  incorporation; proviso as to  forfeiture. The commissioners shall prepare an  appropriate  certificate  of  incorporation  for  the corporation in the last section mentioned in  which shall be set forth and embodied, as component parts  thereof,  the  several  conditions,  requirements and particulars by such commissioners  determined pursuant to the provisions of this article, and  which  shall  also  provide  for  the release and forfeiture to the supervisors of the  county, or if the road is to be constructed wholly or  partly  within  a  city,  to  such  city,  of  all  rights  and franchises acquired by such  corporation in case such railroad or railroads shall  not  be  completed  within  the  time  and  upon  the  conditions  therein provided; and the  commissioners shall thereupon and within one  hundred  and  twenty  days  after  their  organization  cause a suitable book of subscription to the  capital stock of such corporation to be opened pursuant  to  due  public  notice  at  a  banking  office  in such county or city. A failure by any  corporation heretofore or hereafter  organized  under  this  article  to  complete  its railroad within the time limited in and by its certificate  of incorporation shall only work a forfeiture of the franchises of  such  corporation  with  respect  to  that  portion  of  its  route which such  corporation shall have failed to complete,  and  shall  not  affect  the  rights  and franchises of such corporation to construct and operate such  part of its railroad which it  shall  have  completed  within  the  term  prescribed  by its certificate of incorporation, or as to which the time  for completion shall not have expired, notwithstanding anything  to  the  contrary in its certificate of incorporation.