§ 6. Merger of subsidiary corporations. (a) Any domestic\ntransportation corporation or any foreign corporation authorized to do\nin this state any business which may be done in this state by a domestic\ntransportation corporation, owning at least ninety-five percent of the\noutstanding shares of each class of any domestic corporation or\ncorporations authorized to engage in business similar or incidental to\nthe business which the possessor corporation is authorized to engage in,\nand any domestic transportation corporation owning at least ninety-five\npercent of the outstanding shares of each class of any foreign\ncorporation authorized to do in this state any business which may be\ndone in this state by a domestic transportation corporation and also\nauthorized to engage in business similar or incidental to the business\nwhich the possessor corporation is authorized to engage in, may merge\nsuch corporation or corporations into itself without the authorization\nof the shareholders of any such corporation, in accordance with the\nprocedure and with the effect set forth in article nine of the business\ncorporation law for the merger of subsidiary corporations.\n (b) Any omnibus corporation may be merged under this section with any\nrailroad corporation, provided such railroad corporation shall have\nsubstituted stages, buses or motor vehicles for cars or trains upon\ntracks on any portion of its route in accordance with section one\nhundred twenty-one of the transportation law.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.