New York Laws
Article 7 - Railroad Redevelopment Corporations
304 - Limitations Upon Payments on Indebtedness and Stock.

§ 304. Limitations upon payments on indebtedness and stock. A railroad
redevelopment corporation shall not declare or pay any dividends on its
capital stock or make any payments of interest or principal upon any
bonds or other indebtedness of such corporation which its certificate of
approval, with the consent of any bondholders or other creditors
affected thereby, specifically provides shall not be made. In no event
shall any such corporation pay dividends on its stock at a rate in
excess of five per centum per annum. No bondholder or creditor or
stockholder of such corporation shall receive any payments which are
prohibited hereunder.

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