71

Any such corporation shall have power to take by grant or by assignment a franchise or right to establish and operate a ferry or ferries, as specified in the certificate of incorporation, subject to the rights of any person, or municipal or other corporation. In any case when an application is made to the local governing body of a county without the city of New York for a grant such local governing body is authorized to make such grant if a public necessity therefor is shown. Whenever it is shown to such local governing body upon an application for a grant that the tangible property of a ferry corporation, employed or to be employed in the exercise of a ferry franchise or right, is of the value of at least ten thousand dollars, such local governing body may grant such franchise or right for a period not exceeding fifteen years. A ferry corporation, now enjoying a grant from a county court or such local governing body for a shorter period, shall be entitled to an extension thereof for a period not exceeding fifteen years from the time of granting such extension, on application and due proof to the local governing body of a county that its tangible property, employed

on thereof for a period not exceeding fifteen years from the time of granting such extension, on application and due proof to the local governing body of a county that its tangible property, employed in the exercise of such ferry franchise or right, is of the value of at least ten thousand dollars.