§ 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.
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