New York Consolidated Laws, Transportation Corporations Law - TCP § 29. Transfer of property to other corporations

Any such corporation may lease, sell or convey its property, rights, privileges and franchises, or any interest therein, or any part thereof to any telegraph, telephone or telegraph and telephone corporation organized under or created by the laws of this or any other state, and may acquire by purchase, lease or conveyance the property rights, privileges and franchises, or any interest therein or part thereof of any such corporation, and may make payments therefor in its own stock, money or property, or receive payment therefor in the stock, money or property of the corporation to which the same may be so sold, leased or conveyed.