Section 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.