N.Y. Transportation Corporations Law § 29

§ 29. Transfer of property to other corporations. Any such corporation\nmay lease, sell or convey its property, rights, privileges and\nfranchises, or any interest therein, or any part thereof to any\ntelegraph, telephone or telegraph and telephone corporation organized\nunder or created by the laws of this or any other state, and may acquire\nby purchase, lease or conveyance the property rights, privileges and\nfranchises, or any interest therein or part thereof of any such\ncorporation, and may make payments therefor in its own stock, money or\nproperty, or receive payment therefor in the stock, money or property of\nthe corporation to which the same may be so sold, leased or conveyed.\n