2023 New York Laws › BNK - Banking › Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies › Title 6 - Stockholders › 6029 - Liability of Stockholders for Wages Due to Laborers, Servants or Employees.

§ 6029.  Liability of stockholders for wages due to laborers, servants
  or employees. 1. The ten largest stockholders, as determined by the fair
  value of their beneficial interest as of the beginning of the period  on
  which  the unpaid services referred to in this section are performed, of
  every investment company, the shares  of  which  are  not  listed  on  a
  national  securities exchange or regularly quoted in an over-the-counter
  market by one or more members of a national or an affiliated  securities
  association,  shall  jointly  and severally be personally liable for all
  debts, wages or salaries due and owing to any of its laborers,  servants
  or  employees other than contractors, for services performed by them for
  such investment company. Before such laborer, servant or employee  shall
  charge  such  stockholder  for  such  services,  he shall give notice in
  writing to such stockholder that he intends to  hold  him  liable  under
  this  section.    Such  notice  shall  be given within ninety days after
  termination of such services, except that if, within  such  period,  the
  laborer,  servant  or  employee  demands an examination of the record of
  stockholders under subdivision two of section six thousand twenty-three,
  such notice may be given within sixty days after he has been  given  the
  opportunity  to examine the record of stockholders. An action to enforce
  such liability shall be commenced within ninety days after the return of
  an execution unsatisfied against the investment company upon a  judgment
  recovered against it for such services.
2.  For the purposes of this section, wages or salaries shall mean all
  compensation and benefits payable by an employer to or for  the  account
  of  the employee for personal services rendered by such employee.  These
  shall specifically include but not be  limited  to  salaries,  overtime,
  vacation,  holiday  and  severance  pay;  employer  contributions  to or
  payments of insurance or welfare  benefits;  employer  contributions  to
  pension  or  annuity funds; and any other moneys properly due or payable
  for services rendered by such employee.
3. A stockholder who has paid more than his pro rata share under  this
  section  shall  be  entitled  to  contribution  pro  rata from the other
  stockholders liable under this section with respect  to  the  excess  so
  paid,  over  and  above  his pro rata share, and may sue them jointly or
  severally or any number of them to recover the  amount  due  from  them.
  Such  recovery  may  be  had  in  a  separate  action.  As  used in this
  subdivision,  "pro  rata"  means  in  proportion  to  beneficial   share
  interest.  Before  a  stockholder  may  claim  contribution  from  other
  stockholders under this subdivision, he shall,  unless  they  have  been
  given  notice  by  a laborer, servant or employee under subdivision one,
  give them notice in writing that he intends to hold them  so  liable  to
  him. Such notice shall be given by him within twenty days after the date
  that  notice  was  given  to him by a laborer, servant or employee under
  subdivision one.