§ 1206. Omnibus operations. 1. The authority, as soon as practicable
and not later than July first, nineteen hundred fifty-five, shall
prepare a plan for the sale and transfer of omnibus facilities under its
jurisdiction to private ownership. Any such plan shall provide that the
proceeds of such sale and transfer shall be paid to the city. No such
plan shall apply or relate to, or have any effect upon, any facilities,
property or franchises, used and usable in the operation of omnibus
lines, acquired by condemnation under subdivision two of section twenty
or section twenty-d of the general city law.

2. The authority shall have power to take such action and execute such
instruments as may be required of it to execute such plan or any
modification thereof.