Article 7 (§§ 300-313) of the Railroad Law, enacted in 1954 (L. 1954, ch. 824), provides for the organization of railroad redevelopment corporations. Its application is limited to domestic railroads, debtors in bankruptcy proceedings, carrying at least 500,000,000 passenger miles (Railroad Law, §§ 300, 301). Among the privileges which the law bestows upon such corporations is a nine-year exemption from all except...
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