Every city, town and village of this state shall have power, subject to the provisions of sections one hundred and seventy-three-a to one hundred and seventy-three-h, both inclusive, of this article, to enter into an agreement for the purchase of and to acquire by purchase all or any part of the property, plant and equipment of a street surface railroad, actually used and useful for the convenience of the public, operating under any terminable permit as herein provided, and upon the purchase thereof to operate such street surface railroad or part thereof, or to contract with any person, firm or corporation for the equipment, maintenance and operation thereof.
New York Legal Code