N.Y. Banking Law 4004 – When corporate existence begins; conditions precedent to commencing business
§ 4004. When corporate existence begins; conditions precedent to commencing business. 1. When the superintendent shall have endorsed his approval on the organization certificate as provided in article two of this chapter, the corporate existence of the corporation shall begin and such corporation shall then have power to elect officers and transact such other business as relates to its organization. Such corporation shall transact no other business until:
Terms Used In N.Y. Banking Law 4004
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means and includes all banks, trust companies, safe deposit companies, investment companies, mutual trust investment companies, and, to the extent not provided otherwise under any regulation of the superintendent of financial services promulgated pursuant to the provisions of section fourteen-e of this chapter, stock-form savings banks and stock-form savings and loan associations. See N.Y. Banking Law 1001
- Office: means in the case of a bank or trust company its principal office, in the case of a safe deposit company, investment company or mutual trust investment company, its principal place of business and in the case of a foreign corporation the place of business designated in its license or its authorization pursuant to article five-C of this chapter, as the case may be, for the oldest agency or branch in this state of such foreign corporation. See N.Y. Banking Law 1001
- Organization certificate: includes (a) the original organization certificate or any other instrument filed or issued under any statute to form a corporation or foreign corporation, as amended, supplemented or restated by certificates of amendment, merger or consolidation or other certificates or instruments filed or issued under any statute; or (b) a special act or charter creating a corporation or foreign corporation, as amended, supplemented or restated by special acts or by certificates of amendment, merger or consolidation or other certificates or instruments filed or issued under any statute. See N.Y. Banking Law 1001
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
(a) All of its capital stock, except such shares as may be reserved in accordance with any provision made therefor in the organization certificate, shall have been fully paid in cash and an affidavit stating that it has been so paid, subscribed and sworn to by two of its principal officers, shall have been delivered to and filed by the superintendent.
(b) In the case of a bank or trust company, stock-form savings bank, or stock-form savings and loan association, there shall have been delivered to and filed by the superintendent a list of its stockholders, verified by two of its principal officers, giving the name, residence, post-office address and the number of shares of stock held by each stockholder; which list shall become a confidential communication and shall not be filed in the office of the county clerk or be made public, unless, in the judgment of the superintendent, the ends of justice or the public advantage will be subserved by the publication thereof;
(c) The superintendent shall have duly issued to it the authorization certificate specified in article two of this chapter.