reglab/housing_qa huggingface dataset:
NY Banking L § 4001-B (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 4 - Formation of Corporations 4001-B - Formation of Limited Liability Trust Companies.

§   4001-b.   Formation  of  limited  liability  trust  companies.  1. Notwithstanding the provisions of section  four  thousand  one  of  this title  and  when authorized by the superintendent as provided in article two of this chapter, five or more persons may form a  limited  liability trust  company  pursuant  to  the  provisions  of  article three of this chapter. Such person or persons  shall  subscribe  and  acknowledge  the articles of organization in duplicate, which shall specifically state:  (a)  the  name  by  which the limited liability trust company is to be known;  (b) the place where its office is to be located;  (c) the amount of its capital contributions;  (d) if the company is to  have  classes  or  groups  of  members,  the relative  rights, powers, preferences, limitations, and voting powers of each such class or group;  (e) the names and places of  residence  of  the  persons  forming  the company;  (f) the duration of the company;  (g)  the number of managers charged with the management of the company as its board, provided that such number shall be in accordance with  the requirements  set  forth  in section seven thousand two of this article; and  (h) the names of the persons who shall manage the  company  until  the first  annual  meeting  of  the members, provided that such persons must possess the qualifications as to citizenship and residence specified  in section seven thousand one of this article.   2.  No limited liability trust company shall be authorized to exercise the powers set forth in this chapter or the  limited  liability  company law unless its capital contributions amount to not less than the amounts prescribed by the superintendent.
NY Banking L § 4003 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 4 - Formation of Corporations 4003 - Organization Certificate to Be Submitted to the Superintendent.

§ 4003.    Organization   certificate   to   be   submitted   to   the   superintendent. The organization certificate of a bank,  trust  company,   stock-form  savings  bank, stock-form savings and loan association, safe   deposit company or investment company, executed in duplicate,  shall  be   submitted to the superintendent at his office.
NY Banking L § 4004 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 4 - Formation of Corporations 4004 - When Corporate Existence Begins; Conditions Precedent to Commencing Business.

§ 4004.  When  corporate  existence  begins;  conditions  precedent to commencing business. 1. When the superintendent shall have endorsed  his approval  on  the organization certificate as provided in article two of this chapter, the corporate existence of the corporation shall begin and such corporation shall then have power to elect  officers  and  transact such  other  business  as  relates to its organization. Such corporation shall transact no other business until:  (a) All of its capital stock, except such shares as may be reserved in accordance  with  any  provision  made  therefor  in  the   organization certificate, shall have been fully paid in cash and an affidavit stating that  it  has  been  so  paid,  subscribed  and  sworn  to by two of its principal officers, shall have  been  delivered  to  and  filed  by  the superintendent.  (b)  In  the case of a bank or trust company, stock-form savings bank, or stock-form savings  and  loan  association,  there  shall  have  been delivered to and filed by the superintendent a list of its stockholders, verified  by  two of its principal officers, giving the name, residence, post-office address and the number of  shares  of  stock  held  by  each stockholder;  which  list  shall become a confidential communication and shall not be filed in the office of the county clerk or be made  public, unless,  in  the  judgment of the superintendent, the ends of justice or the public advantage will be subserved by the publication thereof;  (c) The superintendent shall have duly issued to it the  authorization certificate specified in article two of this chapter.
NY Banking L § 4005 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 4 - Formation of Corporations 4005 - Organization Meeting.

§ 4005.  Organization  meeting.  1.  After the corporate existence has   begun, an organization meeting of the incorporators shall be held within   this state, for the purpose of adopting by-laws and the  transaction  of   such  other  business  relating  to  organization as may come before the   meeting. The meeting may be held at the call of  any  incorporator,  who   shall  give  at  least  five  days' notice thereof by mail to each other   incorporator, which notice shall set forth the time  and  place  of  the   meeting.  Notice  need  not be given to any incorporator who attends the   meeting or submits a  signed  waiver  of  notice  before  or  after  the   meeting.  A  majority  shall  constitute  a  quorum  and  the act of the   majority of the incorporators present at a meeting at which a quorum  is   present shall be the act of the incorporators.2. Any action permitted to be taken at the organization meeting may be   taken without a meeting if each incorporator signs an instrument setting   forth the action so taken.3.  If an incorporator dies or is for any reason unable to act, action   may be taken as provided in such event in subdivision three  of  section   six thousand fifteen.
NY Banking L § 5001 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 5 - Corporate Finance 5001 - Authorized Shares.

§ 5001.  Authorized  shares.  1. Every corporation shall have power to   create and issue  the  number  of  shares  stated  in  its  organization   certificate.  Such shares may be all of one class or may be divided into   two or more classes. Each class shall consist of shares with par  value,   having  such designation and such relative voting, dividend, liquidation   and other rights, preferences  and  limitations,  consistent  with  this   chapter,  as  shall  be  stated  in  the  organization  certificate. The   organization certificate may deny, limit or otherwise define the  voting   rights  and  may  limit  or otherwise define the dividend or liquidation   rights or shares of  any  class,  but  no  such  denial,  limitation  or   definition of voting rights shall be effective unless at the time one or   more  classes  of  outstanding  shares,  singly or in the aggregate, are   entitled to full voting rights, and no such limitation or definition  of   dividend or liquidation rights shall be effective unless at the time one   or  more  classes of outstanding shares, singly or in the aggregate, are   entitled to unlimited dividend and liquidation rights.2. If the shares are divided into two or more classes, the  shares  of   each  class  shall  be designated to distinguish them from the shares of   all other classes. Shares  which  are  entitled  to  preference  in  the   distribution  of  dividends  or assets shall not be designated as common   shares. Shares which are not entitled to preference in the  distribution   of dividends or assets shall not be designated as preferred shares.3.  Subject  to  the  designations,  relative  rights, preferences and   limitations applicable  to  separate  series  and  except  as  otherwise   permitted  by  subdivision  two  of  section  five thousand five of this   chapter, each share shall be equal to every  other  share  of  the  same   class.
NY Banking L § 5002 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 5 - Corporate Finance 5002 - Issue of Any Class of Preferred Shares in Series.

§ 5002.  Issue  of  any class of preferred shares in series. 1. If the organization certificate so provides, a corporation may issue any  class of  preferred shares in series. Shares of each such series, when issued, shall be designated to distinguish them from the  shares  of  all  other series.   2.  The  number of shares included in any or all series of any classes of preferred shares and any or all of the designations, relative rights, preferences and limitations of any or all such series may  be  fixed  in the  organization  certificate,  subject  to the limitation that, if the stated dividends and amounts payable on  liquidation  are  not  paid  in full,  the shares of all series of the same class shall share ratably in the payment of dividends including accumulations, if any, in  accordance with  the  sums  which  would be payable on such shares if all dividends were declared and paid in full, and in any distribution of assets  other than  by  way  of  dividends  in accordance with the sums which would be payable on such distribution if all  sums  payable  were  discharged  in full.   3.  If  any  such  number  of shares or any such designation, relative right, preference or limitation of the shares of any series is not fixed in the organization certificate, it may be fixed by the  board,  to  the extent authorized by the organization certificate.   4.  Before  the  issue  of  any  shares of a series established by the board, a certificate of amendment shall be filed as provided in  section eight thousand five. Such certificate shall set forth:  (a)  The name of the corporation and, if it has been changed, the name under which it was formed.  (b)  The  date  the  organization  certificate  was   filed   by   the superintendent.  (c)  That  the  organization  certificate  is  thereby  amended by the addition of  a  provision  stating  the  number,  designation,  relative rights,  preferences,  and  limitations  of  the shares of the series as fixed by the board, setting forth in full the text of such provision.
NY Banking L § 5004 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 5 - Corporate Finance 5004 - Consideration and Payment for Shares.

§ 5004. Consideration and payment for shares. 1. Consideration for the   issue  of shares shall consist of money or (except as otherwise required   by subdivision a of subdivision one of section four thousand four) other   property tangible or intangible, or labor or services actually  received   by  or  performed  for  the  corporation  or  for  its benefit or in its   formation or reorganization, or a combination thereof. In the absence of   fraud in the transaction, the judgment of the board or stockholders,  as   the  case  may  be,  as  to  the value of the consideration received for   shares shall be conclusive.2. Neither obligations of  the  subscriber  for  future  payments  nor   future services shall constitute payment or part payment for shares of a   corporation.3.  Shares may be issued for such consideration, not less than the par   value thereof, as is fixed from time to time by the board.4. Treasury shares may be disposed of by a corporation on  such  terms   and conditions as are fixed from time to time by the board.5.   Upon   distribution   of   authorized   but  unissued  shares  to   stockholders, that part  of  the  undivided  profits  or  surplus  of  a   corporation  which is concurrently transferred to capital stock shall be   the consideration for the issue of such shares.6. In the event of a conversion of capital notes, debentures or shares   into shares, or in the event of an exchange of capital notes, debentures   or shares for shares, the consideration for  the  shares  so  issued  in   exchange  or conversion shall be the sum of (a) either the principal sum   of, and  accrued  interest  on,  the  capital  notes  or  debentures  so   exchanged  or  converted, or the par value of the shares so exchanged or   converted, plus (b) any additional consideration paid to the corporation   for  the  new  shares,  plus  (c)  any  undivided  profits  or   surplus   transferred to capital stock in respect of the new shares.7.  Certificates for shares may not be issued until the full amount of   the consideration therefor has been paid.8. When the consideration for  shares  has  been  paid  in  full,  the   subscriber  shall  be  entitled  to  all  the rights and privileges of a   holder of such shares and to a certificate representing his shares,  and   such  shares  shall  be  fully paid and, subject to sections one hundred   thirteen-a, one hundred thirteen-b, one hundred fourteen, three  hundred   five, three hundred five-a, three hundred six, three hundred twenty-two,   three  hundred  twenty-two-a  and  three  hundred  twenty-three  of this   chapter, shall be nonassessable.
NY Banking L § 5006 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 5 - Corporate Finance 5006 - Compensation for Formation, Reorganization and Financing.

§ 5006.  Compensation for formation, reorganization and financing. The   reasonable charges and expenses of  formation  or  reorganization  of  a   corporation,  and  the  reasonable  expenses of and compensation for the   sale or underwriting of its  shares  may  be  paid  or  allowed  by  the   corporation  out  of the consideration received by it in payment for its   shares without thereby impairing the fully paid and nonassessable status   of such shares as provided in subdivision eight of section five thousand   four.
NY Banking L § 5008 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 5 - Corporate Finance 5008 - Fractions of a Share or Scrip Authorized.

§ 5008.  Fractions of a share or scrip authorized. 1. a. A corporation   may, but shall not be obliged to, issue  fractions  of  a  share  either   represented  by  a  certificate or uncertificated, which may entitle the   holder, in proportion to his or her  fractional  holdings,  to  exercise   voting   rights,   receive  dividends  and  participate  in  liquidating   distributions.b. As an alternative, a corporation may pay in cash the fair value  of   fractions  of a share as of the time when those entitled to receive such   fractions are determined.2. As an alternative, a corporation may issue scrip in  registered  or   bearer  form over the manual or facsimile signature of an officer of the   corporation or of its agent, exchangeable as therein provided  for  full   shares,  but  such scrip shall not entitle the holder to any rights of a   stockholder except as therein provided. Such scrip may be issued subject   to the condition  that  it  shall  become  void  if  not  exchanged  for   certificates  representing  full  shares  or  uncertificated full shares   before a specified date, or subject to the condition that the shares for   which such scrip is exchangeable may be sold by the corporation and  the   proceeds thereof distributed to the holders of such scrip, or subject to   any other conditions which the board may determine.3.  Subject  to  subdivision  six  of  section  one  hundred three and   subdivision three of section  five  hundred  nine  of  this  chapter,  a   corporation  may  provide reasonable opportunity for persons entitled to   fractions of a share or scrip to sell such fractions of a share or scrip   or to purchase such additional fractions of a share or scrip as  may  be   needed to acquire a full share.
NY Banking L § 5009 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 5 - Corporate Finance 5009 - Dividends or Other Distributions in Cash or Property.

§ 5009.  Dividends or other distributions in cash or property. Subject   to sections one  hundred  ten,  one  hundred  twelve  and  five  hundred   seventeen  of  this chapter, a corporation may declare and pay dividends   or make other distributions in cash or property, including the shares or   bonds of other corporations, on  its  outstanding  shares,  out  of  net   profits  or  surplus,  except  when  there  is any impairment of capital   stock, or when  the  declaration,  payment,  or  distribution  would  be   contrary to any restrictions contained in the organization certificate.
NY Banking L § 5010 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 5 - Corporate Finance 5010 - Share Distributions and Changes.

§ 5010. Share distributions and changes. 1. A corporation may make pro rata  distributions  of its authorized but unissued shares to holders of any class or series of its outstanding shares, subject to the  following conditions:  (a) Such shares shall be issued at not less than the par value thereof and  there  shall  be  transferred  to capital stock at the time of such distribution an amount of undivided profits  or  surplus  equal  to  the aggregate par value of such shares.  (b)  A  distribution of shares of any class or series may be made only to holders of the same class or series of shares unless the organization certificate permits distribution, subject to the  preemptive  rights  of holders of any outstanding shares, to holders of another class or series or unless such distribution is authorized, when there are no outstanding preemptive rights, by the affirmative vote or the written consent of the holders  of  a majority of the outstanding shares of the class or series to be distributed.   2. A corporation making a pro  rata  distribution  of  authorized  but unissued  shares  to  the  holders of any class or series of outstanding shares may at its option make an equivalent distribution  upon  treasury shares  of the same class or series, and any shares so distributed shall be treasury shares.   3. A change  of  issued  shares  of  any  class  which  increases  the aggregate  par  value  of  those  shares  may  be made if the sum of the undivided profits and surplus of the corporation is sufficient to permit the transfer, and  a  transfer  is  concurrently  made,  from  undivided profits  or  surplus  to  capital  stock,  of  an  amount  equal to such increase.
NY Banking L § 5011 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 5 - Corporate Finance 5011 - Redeemable Shares.

§ 5011.  Redeemable  shares.    1.  A  corporation  may provide in its   organization certificate for a class of common shares in relation to  an   incentive  stock  option plan pursuant to section one hundred forty-a of   this chapter and for one or more classes or series of  preferred  shares   which  are  redeemable,  in  whole  or  in  part,  at  the option of the   corporation at such price or prices, within such period or  periods  and   under such conditions as are stated in the organization certificate.2.  A  corporation  shall  not  issue redeemable or other shares which   purport by their terms to grant to  any  holder  thereof  the  right  to   compel the corporation to redeem such shares.3.  Nothing  in this section shall prevent a corporation from creating   sinking funds for the redemption or purchase of its preferred shares  to   the extent permitted by section five thousand twelve.
NY Banking L § 5012 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 5 - Corporate Finance 5012 - Purchase or Redemption by a Corporation of Its Own Shares.

§ 5012.  Purchase or redemption by a corporation of its own shares. 1.   A corporation may purchase its own shares, or pay stockholders  entitled   to  receive  payment  for their shares, when permitted or required under   any other provision of this chapter.2. To effect retirement of its common shares reacquired under  section   one  hundred  forty-a  of  this  chapter,  or of its preferred shares in   accordance  with  any  provision  in  its  organization  certificate,  a   corporation  may,  with  the  written  approval  of  the superintendent,   purchase or redeem such shares out of undivided profits or  surplus  or,   to the extent of the par value of such shares, out of capital stock.3. Nothing in this title shall prevent a corporation from returning to   stockholders  any amounts made available for such purpose by a reduction   of capital stock in accordance with section eight thousand two.
NY Banking L § 5013 (2021)
2021 New York Laws BNK - Banking Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies Title 5 - Corporate Finance 5013 - Agreements for Purchase by a Corporation of Its Own Shares.

§ 5013. Agreements for purchase by a corporation of its own shares. 1.   An  agreement  for the purchase by a corporation of its own shares shall   be enforceable by the stockholder and the corporation to the extent such   purchase is permitted at the time of purchase by section  five  thousand   twelve.2.  The possibility that a corporation may not be able to purchase its   shares under section five thousand twelve shall  not  be  a  ground  for   denying  to  either  party  specific performance of an agreement for the   purchase by a corporation  of  its  own  shares,  if  at  the  time  for   performance  the  corporation  can  purchase  all or part of such shares   under section five thousand twelve.