New York § 6 - 6Merger of subsidiary corporations

§ 6. 6Merger of subsidiary corporations

§ 6. Merger of subsidiary corporations. (a) Any domestic transportation corporation or any foreign corporation authorized to do in this state any business which may be done in this state by a domestic transportation corporation, owning at least ninety-five percent of the outstanding shares of each class of any domestic corporation or corporations authorized to engage in business similar or incidental to the business which the possessor corporation is authorized to engage in, and any domestic transportation corporation owning at least ninety-five percent of the outstanding shares of each class of any foreign corporation authorized to do in this state any business which may be done in this state by a domestic transportation corporation and also authorized to engage in business similar or incidental to the business which the possessor corporation is authorized to engage in, may merge such corporation or corporations into itself without the authorization of the shareholders of any such corporation, in accordance with the procedure and with the effect set forth in article nine of the business corporation law for the merger of subsidiary corporations. (b) Any omnibus corporation may be merged under this section with any railroad corporation, provided such railroad corporation shall have substituted stages, buses or motor vehicles for cars or trains upon tracks on any portion of its route in accordance with section one hundred twenty-one of the transportation law.