§ 202 — Restriction upon commencement of business

§ 202. Restriction upon commencement of business. No business\ncorporation organized under the provisions of this article shall engage\nin the prosecution or management of its business until the whole of its\ncapital stock shall have been subscribed, nor until it shall have filed\nin the offices where certificates of incorporation were filed, a further\ncertificate stating that the whole of its capital stock has been in good\nfaith subscribed, executed and acknowledged by its president or\nvice-president and treasurer or secretary, and verified by them to the\neffect that the statements contained in it are true.\n Notwithstanding the foregoing, corporations organized pursuant to\nsection two hundred one of the not-for-profit corporation law as\ncharitable corporations as defined in paragraph (a) of section one\nhundred two (Definitions) of the not-for-profit corporation law shall\nnot engage in the prosecution or management of its business until its\ncertificate of incorporation has been accepted for filing by the\nsecretary of state and such confirmation of filing has been filed with\nthe commission and the franchise oversight board.\n