Section 308. Reductions in fares and charges

In  the  event that the
  commissioner of transportation, after a hearing held in his  discretion,
  on  his  own motion and on reasonable notice, shall determine (1) that a
  railroad redevelopment corporation, during the most recent  twelve-month
  period  for which figures shall be available at the time of such notice,
  has obtained more operating revenues and other income than were required
  to provide for the items enumerated in section three  hundred  six,  and
  (2)  that  its  operating  revenues  and  other income during the twelve
  months next succeeding such period will be more than required to provide
  for the items enumerated in section three hundred six, the  commissioner
  of   transportation  may  order  such  corporation  to  eliminate  on  a
  twelve-month basis any such anticipated excess amount  of  revenues.  In
  that event, such corporation shall file new tariff schedules within such
  reasonable  time  as may be fixed by the commissioner of transportation,
  to be effective within ten days after such filing;  and  said  schedules
  shall  make  such  modifications in its passenger fares and charges (and
  the classifications, regulations, and practices pertaining  thereto)  as
  shall effect such elimination.