Section 24-412. Agreement with Consolidated Telegraph and Electrical Subway Company; new contracts

The  agreement  made  by  and   between   the  commissioners of electrical subways or the commissioner of water supply,
  gas  and  electricity  for  the  city  of  New York and the Consolidated
  Telegraph and Electrical Subway Company or its successor by merger,  the
  Consolidated   Edison   Company   of   New  York,  under  date  of  July
  twenty-seventh, eighteen hundred eighty-six, when  and  as  amended  and
  modified  by  a  second  and further contract or agreement between these
  parties, dated the seventh day of April, eighteen hundred  eighty-seven,
  is hereby ratified and confirmed, subject, however to all the provisions
  of sections 24-410 through 24-414 of the code. But if at any time or for
  any  reason  the  agreement so amended shall be or become inoperative or
  ineffectual for the accomplishment of its just purpose and the  purposes
  of  these  sections,  or  if  the  company  shall  be  unable,  or after
  reasonable notice and opportunity given by such commissioner,  it  shall
  fail or decline to comply with or carry into effect the agreement in all
  its  terms,  then such commissioner may, with the approval of the mayor,
  make such new, further or different contracts with  the  same  or  other
  parties  as  may  be  reasonable  or  necessary to carry into effect the
  provisions and intent of sections 24-410 through 24-414 of the code.