New York Laws
Article 6 - Rapid Transit Act of 1875
226 - Shall Prepare Certificate of Incorporation; Proviso as to Forfeiture.

§ 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.