§ 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.