§ 4004 — When corporate existence begins; conditions precedent to commencing business

New York § 4004

• Jurisdiction: New York
• Law BNK: Banking
• Title 4: Formation of Corporations
• Art. 15: General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies

Text

§ 4004. When corporate existence begins; conditions precedent to\ncommencing business. 1. When the superintendent shall have endorsed his\napproval on the organization certificate as provided in article two of\nthis chapter, the corporate existence of the corporation shall begin and\nsuch corporation shall then have power to elect officers and transact\nsuch other business as relates to its organization. Such corporation\nshall transact no other business until:\n (a) All of its capital stock, except such shares as may be reserved in\naccordance with any provision made therefor in the organization\ncertificate, shall have been fully paid in cash and an affidavit stating\nthat it has been so paid, subscribed and sworn to by two of its\nprincipal officers, shall have been delivered to and filed by the\nsuperintendent.\n (b) In the case of a bank or trust company, stock-form savings bank,\nor stock-form savings and loan association, there shall have been\ndelivered to and filed by the superintendent a list of its stockholders,\nverified by two of its principal officers, giving the name, residence,\npost-office address and the number of shares of stock held by each\nstockholder; which list shall become a confidential communication and\nshall not be filed in the office of the county clerk or be made public,\nunless, in the judgment of the superintendent, the ends of justice or\nthe public advantage will be subserved by the publication thereof;\n (c) The superintendent shall have duly issued to it the authorization\ncertificate specified in article two of this chapter.\n