§ 4001-B — Formation of limited liability trust companies

New York § 4001-B

• 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

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§ 4001-b. Formation of limited liability trust companies. 1.\nNotwithstanding the provisions of section four thousand one of this\ntitle and when authorized by the superintendent as provided in article\ntwo of this chapter, five or more persons may form a limited liability\ntrust company pursuant to the provisions of article three of this\nchapter. Such person or persons shall subscribe and acknowledge the\narticles of organization in duplicate, which shall specifically state:\n (a) the name by which the limited liability trust company is to be\nknown;\n (b) the place where its office is to be located;\n (c) the amount of its capital contributions;\n (d) if the company is to have classes or groups of members, the\nrelative rights, powers, preferences, limitations, and voting powers of\neach such class or group;\n (e) the names and places of residence of the persons forming the\ncompany;\n (f) the duration of the company;\n (g) the number of managers charged with the management of the company\nas its board, provided that such number shall be in accordance with the\nrequirements set forth in section seven thousand two of this article;\nand\n (h) the names of the persons who shall manage the company until the\nfirst annual meeting of the members, provided that such persons must\npossess the qualifications as to citizenship and residence specified in\nsection seven thousand one of this article.\n 2. No limited liability trust company shall be authorized to exercise\nthe powers set forth in this chapter or the limited liability company\nlaw unless its capital contributions amount to not less than the amounts\nprescribed by the superintendent.\n