NY Banking L § 4001 (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 - Incorporation; Organization Certificate; Amount of Capital Stock.

§ 4001.  Incorporation;  organization  certificate;  amount of capital stock. When authorized by the superintendent as provided in article  two of  this  chapter,  five or more persons may incorporate a bank or trust company, a stock-form  savings  bank,  a  stock-form  savings  and  loan association,  a  safe  deposit  company  or  an investment company. Such persons shall subscribe and acknowledge an organization  certificate  in duplicate which shall specifically state:   1. The name by which the corporation is to be known.   2. The place where its office is to be located.   3.  The  amount  of its authorized capital stock, the number of shares into which such capital stock shall be divided and the par value of  the shares,  which  capital  stock shall amount to not less than the minimum amount prescribed by the superintendent of financial services, nor  more than  the  aggregate  of (a) the amount of capital stock the corporation expects to  sell  in  its  initial  offering  of  shares  and  (b)  such additional  amount as may be approved by the superintendent of financial services.   4. If the shares are to be classified:  (a) The number of shares to be included in  each  class  and  the  par value of the shares;  (b) The designation of each class and the relative rights, preferences and limitations of the shares of each class;  (c)  The  number  of  shares  of common stock, if any, which are to be reserved for issuance in exchange for preferred shares or  otherwise  to replace any capital stock represented by preferred shares.   5.  The names and places of residence of the incorporators and, in the case  of  banks,  trust  companies  and  safe  deposit  companies,   the citizenship of the incorporators.   6. Its duration if other than perpetual.   7.  The  number of its directors or that the number of directors shall not be less than a stated minimum nor more than a stated  maximum.  Such number,  or  the  minimum  and  the  maximum stated, shall be within the limitations prescribed by section seven thousand two of this article.   8. The names of the incorporators who shall be its directors until the first  annual  meeting  of  stockholders.  The  incorporators  named  as directors must possess the qualifications of directors as to citizenship and  residence  specified in section seven thousand one of this article; and the certificate of a safe deposit company  shall  recite  that  such qualifications are possessed by such incorporators.   9. In the case of a trust company, that the proposed corporation is to exercise the powers conferred by section one hundred of this chapter, if the  proposed corporation desires to exercise such powers in addition to the other powers conferred upon banks and  trust  companies  in  article three of this chapter.   No corporation shall be authorized to exercise the powers set forth in section  one  hundred  of  this  chapter  unless its capital stock shall amount to not less than the amounts prescribed by the superintendent  of financial services.