Section 225. Appraisal of damages and deposit of money as security

The
  commissioners shall,  within  one  hundred  and  ten  days  after  their
  organization,  ascertain  and  determine  the aggregate pecuniary damage
  arising from the diminution in the value of the property bounded on that
  portion of such street or streets, highway or highways, upon which it is
  proposed to construct and operate such railroad  to  be  caused  by  the
  construction and operation thereof. For that purpose they shall view the
  several  parcels  of  real  property  so  bounded,  and  shall  appraise
  separately the pecuniary damages arising from such diminution  in  value
  of  each  parcel  thereof,  and  for the purposes of such appraisal they
  shall give notice of the time and place, when and where they  will  meet
  to  hear  the owners, or persons interested in such real property, which
  notice shall be published for at least  ten  days  consecutively  in  at
  least  two  newspapers  in  the  county  where  such  railroad  is to be
  constructed, and shall take such material testimony  upon  the  probable
  diminution in value of any or all such parcels to be so caused as may be
  offered  by  or in behalf of any person or party interested therein, and
  the aggregate sum of the amounts so appraised  and  determined  by  them
  shall  be  the aggregate pecuniary damage required to be ascertained and
  determined as above provided. No corporation which  shall  hereafter  be
  organized  under  this  article  shall enter upon any street, highway or
  lane therein, until it  shall  first  have  deposited  with  some  trust
  company,  to  be  designated by the mayor of the city within which it is
  proposed to construct the railroad or any part thereof, and by the board
  of supervisors, when the road does not lie wholly within a city,  a  sum
  of  money  equal  to  the  amount  so  ascertained and determined by the
  commissioners to be the aggregate  pecuniary  damage  to  such  property
  within the city, or within the county outside of any city, or shall have
  secured the payment of such amount by depositing with such trust company
  negotiable  securities, equivalent at their par and actual value to such
  aggregate amount, and approved by the mayor of the city  in  which  such
  road  is  wholly  or in part located, and by the county treasurer of the
  county if the road is located wholly or in part outside of the limits of
  such city. The court may accept in lieu  of  the  deposit  of  money  or
  securities herein required the bond of the corporation, with two or more
  sureties,  to  be  approved  by  the  court,  to  the  effect  that  the
  corporation before constructing or operating its railroad  in  front  of
  any  premises,  shall  pay  to  the  owner  of the real property all the
  damages sustained, or which will be  sustained  by  him,  as  fixed  and
  determined  by  such  commissioners, and the costs allowed, if any. Such
  bond shall be in a sum double  the  amount  of  such  damages,  and  the
  sureties shall justify in the aggregate to an amount equal to the amount
  of  such  bond.  Such  corporation shall also, at the same time, deposit
  with  such  trust  company  or  with  the  county  treasurer,   as   the
  commissioners  may direct, the sum of five thousand dollars in cash, for
  the payment of the expense of apportioning and distributing  such  fund.
  Unless  such moneys or securities shall be deposited by such corporation
  within one year after it shall have obtained the consent  of  the  local
  authorities,  and  of  the  property  owners, or the confirmation by the
  appellate division of the supreme court, of the determination  of  three
  commissioners  in  lieu  thereof,  and  in  the  case  of  a corporation
  organized prior to May  eighteenth,  eighteen  hundred  and  ninety-two,
  within  one  year  after  it shall have obtained the confirmation by the
  appellate  division  of  the  supreme  court  of  the  report  of  three
  commissioners  in  lieu of the consent of property owners, or within one
  year after the commissioners appointed to ascertain  and  determine  the
  aggregate  pecuniary damages as provided in this article shall have made
  their report, then such corporation shall be deemed not to have accepted

  the franchises granted. Where the commissioners shall fix and  determine
  different  periods  of  time  within  which  different  sections of such
  railroad shall be  constructed  and  ready  for  operation,  they  shall
  ascertain,  determine,  and  report  separately  the aggregate pecuniary
  damage to property bounded upon that portion of such street  or  streets
  upon  which  each  of  such sections is located. Upon the deposit by the
  corporation as above provided of moneys or securities equivalent to  the
  aggregate  pecuniary damage to be sustained by any one of such sections,
  or of any bond given in lieu thereof, it  shall  immediately  be  vested
  with  the  right  and  privilege  to construct its railroad through such
  section.