New York § 216 Capital stock

New York Statutes

§ 216 — Capital stock

New York § 216

Law BNKBanking

Art. 5-ANew York Business Development Corporation

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Bluebook

N.Y. Banking § 216 (2026).

Text

  § 216. Capital stock. The capital stock of such corporation shall be\nfive hundred thousand shares of common and preferred stock, in such\namounts as shall be established in the by-laws by the board of\ndirectors, with the preferred stock having such relative rights,\npreferences and limitations as shall be established in the by-laws by\nthe board of directors.  At least a majority of the capital stock of\nsuch corporation shall at all times be held by residents of the state or\nby persons, firms or corporations engaged in doing business therein.\n

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§ 216. Capital stock. The capital stock of such corporation shall be\nfive hundred thousand shares of common and preferred stock, in such\namounts as shall be established in the by-laws by the board of\ndirectors, with the preferred stock having such relative rights,\npreferences and limitations as shall be established in the by-laws by\nthe board of directors. At least a majority of the capital stock of\nsuch corporation shall at all times be held by residents of the state or\nby persons, firms or corporations engaged in doing business therein.\n