§ 311. Termination of qualification. 1. The commissioner of
transportation shall make and file an order terminating the
qualification of a railroad redevelopment corporation if such
corporation or any affiliated corporation files an application for an
increase in the passenger fares and charges of such railroad
redevelopment corporation either with the commissioner of transportation
under section one hundred nineteen of the transportation law, or with
the interstate commerce commission under section thirteen of title
forty-nine of the United States code, and the acts amendatory thereof or
supplementary thereto.

2. A railroad redevelopment corporation, at any time not less than
three years after the date upon which it qualified as such, may
terminate its qualification by amending its certificate of
incorporation, by action pursuant to article eight of the business
corporation law, without requiring the consent and approval of the
commissioner of transportation, so as to delete therefrom the provision
that it elects to be qualified as a railroad redevelopment corporation.

3. Upon the termination of its qualification as a railroad
redevelopment corporation, such corporation shall cease to be entitled
to the benefits or subject to the obligations of a railroad
redevelopment corporation; but such corporation shall continue to comply
with its agreement as to the setting aside and use of a separate fund in
accordance with subparagraph (2) of paragraph (H) of subdivision two of
section three hundred three.