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

§ 434. When corporate existence begins; conditions precedent to\ncommencing business. 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 Savings and Loan Bank of\nthe State of New York shall begin and it shall then have power to elect\nofficers and transact such other business as relates to its\norganization; but such savings and loan bank shall transact no other\nbusiness until: 1. Subscriptions to its shares aggregating one hundred\nthousand dollars shall have been paid in cash and an affidavit stating\nthat such subscriptions have been so paid, subscribed and sworn to by\nits two principal officers, shall have been filed in the clerk's office\nof the county of New York, and a certified copy thereof in the office of\nthe superintendent.\n 2. The superintendent shall have duly issued to it the authorization\ncertificate specified in article two of this chapter.\n