§ 5014 — Reacquired shares

New York § 5014

• Jurisdiction: New York
• Law BNK: Banking
• Title 5: Corporate Finance
• Art. 15: General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies

Text

§ 5014. Reacquired shares. 1. Shares that have been issued and have\nbeen reacquired under subdivision one of section five thousand twelve\nshall, subject to other applicable provisions of this chapter, be sold\nor otherwise disposed of or, with the written approval of the\nsuperintendent, may be retained or may be cancelled by the board.\n 2. Shares that have been issued and thereafter converted shall be\ncancelled.\n 3. Shares that have been issued and have been reacquired under\nsubdivision two of section five thousand twelve shall be cancelled.\n 4. Neither the retention of reacquired shares as treasury shares nor\ntheir subsequent distribution to stockholders or disposition for a\nconsideration shall change the capital stock.\n 5. When reacquired shares other than converted shares are cancelled,\nthe capital stock of the corporation shall be reduced by the amount of\ncapital stock represented by such shares.\n 6. Within ninety days after any shares are cancelled under this\nsection, (a) the corporation by action of the board shall file a\ncertificate of amendment under section eight thousand five eliminating\nsuch shares from the number of authorized shares, except that if the\norganization certificate does not prohibit the reissue of such shares,\nsuch shares may with the written approval of the superintendent be\nrestored to the status of authorized but unissued shares, and (b) unless\nstated in a certificate of amendment so filed, a certificate of the\ncorporation shall be signed, verified and filed as provided in section\none thousand three stating the number of shares of each class or series\nthereof so cancelled, the manner of reacquisition thereof and, if\nconverted shares, the number of shares of each class or series thereof\ninto which the same were converted, and such other information with\nrespect thereto as the superintendent may require.\n