§ 6024 — Infant securityholders

New York § 6024

• Jurisdiction: New York
• Law BNK: Banking
• Title 6: Stockholders
• Art. 15: General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies

Text

§ 6024. Infant securityholders. 1. A corporation may treat an infant\nwho holds shares, capital notes or debentures of such corporation as\nhaving capacity to receive and to empower others to receive dividends,\ninterest, principal and other payments and distributions, to vote or\nexpress consent or dissent, in person or by proxy, and to make elections\nand exercise rights relating to such shares, capital notes or\ndebentures, unless, in the case of shares, the corporate officer\nresponsible for maintaining the list of stockholders or the transfer\nagent of the corporation or, in the case of capital notes or debentures,\nthe paying officer or agent has received written notice that such holder\nis an infant.\n 2. An infant holder of shares, capital notes or debentures of a\ncorporation who has received or empowered others to receive payments or\ndistributions, voted or expressed consent or dissent, or made an\nelection or exercised a right relating thereto, shall have no right\nthereafter to disaffirm or avoid, as against the corporation, any such\nact on his part, unless prior to such receipt, vote, consent, dissent,\nelection or exercise, as to shares, the corporate officer responsible\nfor maintaining the list of stockholders or its transfer agent, or in\nthe case of capital notes or debentures, the paying officer or agent had\nreceived written notice that such holder was an infant.\n 3. This section does not limit any other statute which authorizes any\ncorporation to deal with an infant or limits the right of an infant to\ndisaffirm his acts.\n