§ 550 — Incorporation; organization certificate

New York § 550

• Jurisdiction: New York
• Law BNK: Banking
• Art. 12-A: Mutual Trust Investment Companies

Text

§ 550. Incorporation; organization certificate. When authorized by the\nsuperintendent as provided in article two of this chapter, five or more\npersons may form a corporation to be known as a mutual trust investment\ncompany. Such persons shall subscribe and acknowledge and submit to the\nsuperintendent at the superintendent's office an organization\ncertificate in duplicate which shall specifically state:\n 1. The name by which the mutual trust investment company is to be\nknown and the investment purpose of its formation under the following\nsection five hundred fifty-one.\n 2. The place where its principal office is to be located.\n 3. The amount of its capital stock and the number of shares into which\nsuch capital stock shall be divided.\n 4. The full name, residence and post-office address of each of the\nincorporators and the number of shares subscribed for by each.\n 5. The term of its existence, which may be perpetual.\n 6. The number of its directors, which shall not be less than five and\nthe names and addresses of the persons who shall be its directors until\nthe first annual meeting of stockholders.\n Such certificate may provide for the manner in which the stock of the\ncorporation may be transferred and for the number of directors necessary\nto constitute a quorum.\n When the superintendent shall have endorsed his approval on the\norganization certificate as provided in article two of this chapter, the\ncorporate existence shall begin.\n