Title BNK, Banking

§ 5005. Transferable rights to purchase shares; imposition of\nrestrictions or conditions thereon. 1. Except as otherwise provided in\nthis section or in the organization certificate, a corporation may\ncreate and issue, whether or not in connection with the issue and sale\nof a…

§ 5006. Compensation for formation, reorganization and financing. The\nreasonable charges and expenses of formation or reorganization of a\ncorporation, and the reasonable expenses of and compensation for the\nsale or underwriting of its shares may be paid or allowed by the\ncor…

§ 5007. Certificates representing shares. 1. The shares of a\ncorporation shall be represented by certificates or shall be\nuncertificated shares. Certificates shall be signed by the chairman or\na vice-chairman of the board or the president or a vice-president and\nthe secretar…

§ 5008. Fractions of a share or scrip authorized. 1. a. A corporation\nmay, but shall not be obliged to, issue fractions of a share either\nrepresented by a certificate or uncertificated, which may entitle the\nholder, in proportion to his or her fractional holdings, to exercise…

§ 5009. Dividends or other distributions in cash or property. Subject\nto sections one hundred ten, one hundred twelve and five hundred\nseventeen of this chapter, a corporation may declare and pay dividends\nor make other distributions in cash or property, including the shares …

§ 501. Repeal of inconsistent acts. All acts and parts of acts\ninconsistent with this article are hereby repealed to the extent of such\ninconsistency.\n

§ 5010. Share distributions and changes. 1. A corporation may make pro\nrata distributions of its authorized but unissued shares to holders of\nany class or series of its outstanding shares, subject to the following\nconditions:\n (a) Such shares shall be issued at not less than…

§ 5011. Redeemable shares. 1. A corporation may provide in its\norganization certificate for a class of common shares in relation to an\nincentive stock option plan pursuant to section one hundred forty-a of\nthis chapter and for one or more classes or series of preferred shares…

§ 5012. Purchase or redemption by a corporation of its own shares. 1.\nA corporation may purchase its own shares, or pay stockholders entitled\nto receive payment for their shares, when permitted or required under\nany other provision of this chapter.\n 2. To effect retirement o…

§ 5013. Agreements for purchase by a corporation of its own shares. 1.\nAn agreement for the purchase by a corporation of its own shares shall\nbe enforceable by the stockholder and the corporation to the extent such\npurchase is permitted at the time of purchase by section five…

§ 5014. Reacquired shares. 1. Shares that have been issued and have\nbeen reacquired under subdivision one of section five thousand twelve\nshall, subject to other applicable provisions of this chapter, be sold\nor otherwise disposed of or, with the written approval of the\nsupe…

§ 5015. Capital notes and debentures. No corporation shall issue\ncapital notes or debentures except for money or other property, tangible\nor intangible, or labor or services actually received by or performed\nfor the corporation or for its benefit or in its formation or\nreorg…

§ 5016. Convertible shares, capital notes and debentures. 1. When so\nprovided in the organization certificate, and subject to the\nrestrictions in subdivision four of this section, a bank, trust company,\nstock-form savings bank, or stock-form savings and loan association may\n…

§ 502. Severability. If any provision of this article or the\napplication thereof to any person or circumstance is held invalid, such\ninvalidity shall not affect the remainder of this article or the\napplication of such provision to other persons or other circumstances.\n

§ 5050. Company finance. Notwithstanding the provisions of title five\nof this article, the allocation of profits and losses, and the\ndistribution of cash or other assets of a limited liability investment\ncompany or limited liability trust company shall be in accordance with\n…

§ 507. Limited liability investment companies. 1. Investment companies\nwhich (a) do not accept or maintain credit balances or deposits in the\nUnited States, (b) do not engage in any business activity in the United\nStates except as an incident to their international or foreign…

§ 508. General powers. In addition to the powers conferred by article\nfifteen of this chapter, an investment company may, subject to the\nrestrictions and limitations contained in this article, have the\nfollowing powers:\n 1. (a) To borrow and lend money, with or without real …

§ 509. Restrictions on powers of investment companies. An investment\ncompany shall not:\n 1. Exercise within this state the powers conferred by subdivision two\nof section five hundred eight of this chapter, unless it shall have a\npaid-up capital stock of at least two million …

§ 510. Restrictions as to entries in books. 1. No investment company\nshall by any system of accounting or any device of bookkeeping, directly\nor indirectly enter any of its assets upon its books in the name of any\nother individual, partnership, unincorporated association or\n…

§ 511. Change of location; change of designation of principal office.\nAny investment company may make a written application to the\nsuperintendent, such application to be accompanied by an investigation\nfee as prescribed pursuant to section eighteen-a of this chapter, for\nlea…

§ 512. Communications from department of financial services must be\nsubmitted to directors and noted in minutes. Every official\ncommunication as defined in article two of this chapter directed to an\ninvestment company or to any officer thereof shall be submitted, by the\noffi…

§ 513. Reports to superintendent. On or before the first day of April\nin each year, every investment company shall make a written report to\nthe superintendent of financial services which shall contain a statement\nof its condition on the morning of the first day of January in …

§ 514. Liability of investment company for assessments by\nsuperintendent. When the superintendent, pursuant to the powers\nconferred on him by article two of this chapter, shall have levied any\nassessment upon any investment company and shall have duly notified such\ninvestmen…

§ 515. Preservation of records of investment company. Every investment\ncompany shall preserve all its records of final entry, including cards\nused under the card system and deposit tickets, for a period of at least\nsix years from the date of making the same or from the date o…

§ 516. Restrictions on officers, directors and other employees. No\nofficer, director, clerk or other employee of any investment company,\nand no person in any way interested or concerned in the management of\nits affairs, shall as individuals discount, or directly or indirectly…

§ 517. How net earnings credited for dividend purposes, credits to\nsurplus fund and to undivided profits, dividends to stockholders. When\nthe net earnings of an investment company having preferred shares issued\nand outstanding have been determined at the close of a dividend p…

§ 518. Payment of claims by investment companies where adverse claim\nis asserted; effect of claims or advices originating in, and statutes,\nrules or regulations purporting to be in force in occupied territory. 1.\nNotice to any investment company of an adverse claim to a credi…

§ 519. Acquisition of control of investment companies. 1. Subject to\nsuch regulations as the superintendent may prescribe, prior to the\nacquisition of control of an investment company by means of the\nacquisition of the capital stock or equity interests in such investment\ncom…

§ 520. Savings clause. Nothing in this article contained shall be\ndeemed to require the reincorporation of any corporation heretofore\norganized under the provisions of article seven of chapter three hundred\nand sixty-nine of the laws of nineteen hundred fourteen, entitled "An…

§ 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 sub…

§ 551. Investment powers. A mutual trust investment company may invest\nin such investments as the company may select in its discretion.\n The amount of stock of any corporation which may be held by any mutual\ntrust investment company shall not exceed five per centum of the num…

§ 552. Accountability. A mutual trust investment company shall not be\nresponsible for ascertaining the investment powers of any fiduciary who\nmay purchase its stocks or shares and shall not be liable for accepting\nfunds from a fiduciary in violation of the restrictions in any…

§ 553. Investment by fiduciaries in shares. Unless the instrument or\nthe order, decree or judgment under which moneys are held in a fiduciary\ncapacity prohibits such investment, an eligible fiduciary or fiduciaries\nmay invest and reinvest moneys so held in shares of stock of …

§ 554. Definitions. In this article, unless the context otherwise\nrequires:\n 1. "Authorized insurer" and "insurance contract" have the respective\nmeanings assigned to them by the insurance law.\n 2. "Bank" means a bank, trust company, private banker, savings bank,\nsavings an…

§ 555. License. 1. No person except a lending institution or an\nauthorized insurer shall engage in the business of a premium finance\nagency without a license therefor obtained from the superintendent, as\nprovided in this article.\n 2. Application for license required under th…

§ 555-a. Changes in control. 1. It shall be unlawful except with the\nprior approval of the superintendent for any action to be taken which\nresults in a change of control of the business of a licensee. Prior to\nany change of control, the person desirous of acquiring control of…

§ 556. Action by superintendent on application. 1. Within ninety days\nafter the filing of an application for a license accompanied by payment\nof the fees for license and investigation, the superintendent shall\nissue the license, or the superintendent may refuse to issue the l…

§ 557. License provisions and posting. Such license shall state the\nname and address of the licensee, and if the licensee be a\nco-partnership or association, the names of the members thereof, and if\na corporation the date and place of its incorporation. Such license\nshall be…

§ 558. Change of location. Before any licensee changes any office of\nhis to another location, he shall give written notice thereof to the\nsuperintendent, who shall without charge issue an endorsement indicating\nthe change and the date thereof, which endorsement shall be attac…

§ 559. Grounds for revocation of license; procedure. 1. The\nsuperintendent may forthwith revoke or suspend any license issued\nhereunder if he shall find that:\n (a) The licensee has failed to pay the annual license fee or any sum\nof money lawfully demanded, or to comply with …

§ 560. Investigations and examinations. 1. The superintendent shall\nhave the power to make such investigations as he shall deem necessary to\ndetermine whether any licensee or any other person has violated any of\nthe provisions of this article, or whether any licensee has cond…

§ 561. Regulations and rulings. The superintendent is hereby\nauthorized and empowered to make such general rules and regulations,\nconduct hearings and make such specific rulings, orders, demands and\nfindings as may be necessary for the proper conduct of the business\nauthoriz…

§ 563. Violations and penalties. 1. Any person, including any member,\nofficer, director or employee of a licensee, who violates or\nparticipates in the violation of any provision of this article, or who\nknowingly makes any incorrect statement of a material fact in any\napplica…

§ 565. Licensee's books and records; reports. 1. The licensee shall\nkeep and use in his business such books, accounts and records as will\nenable the superintendent to determine whether such licensee is\ncomplying with the provisions of this article and with the rules and\nregu…

§ 566. Insurance agents and brokers; acquisition by premium finance\nagencies of premium finance agreements. 1. An insurance agent or broker\nmay be licensed as a premium finance agency in accordance with this\narticle.\n 2. Notwithstanding any contrary provisions of the persona…

§ 567. Form and content of premium finance agreements. 1. A premium\nfinance agreement shall be in writing and dated on the date of its\nsignature by the insured; the printed portion thereof shall be in at\nleast eight point type.\n 2. It shall contain the entire agreement of th…

§ 568. Limitation on service and other charges. 1. A premium finance\nagency shall not, except as otherwise provided by law, impose, take,\nreceive from, reserve or charge an insured greater charges than are\npermitted by this article.\n 2. A premium finance agency, including an…

§ 569. Delinquency, collection and cancellation charges; attorney's\nfees. 1. A premium finance agreement may provide for the payment by the\ninsured of a delinquency and collection charge on each instalment in\ndefault for a period of not less than five days in an amount of one…

§ 570. Restrictions on premium finance agreements. 1. No premium\nfinance agreement shall contain any provision by which:\n (a) In the absence of default of the insured, the premium finance\nagency holding the agreement may, arbitrarily and without reasonable\ncause, accelerate …

§ 571. Delivery of copy of premium finance agreement. Before the due\ndate of the first instalment payable under a premium finance agreement,\nthe insurance agent or broker or the premium finance agency holding the\nagreement shall deliver to the insured, or mail to him at his a…