N.Y. Business Corporation Law 1605 – Violations; penalties
§ 1605. Violations; penalties.
Attorney's Note
Under the New York Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class E felony | between 1 and 4 years | up to $5,000 |
| Class A misdemeanor | up to 364 days | up to $1,000 |
Terms Used In N.Y. Business Corporation Law 1605
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(a) Every person who willfully violates any provision of this article shall be guilty of a class E felony; every person who willfully violates any order, rule or regulation issued pursuant thereto, shall be guilty of a class A misdemeanor.
(b) A violation of any provision of this Article -A of the general business law.
(c) Every person who violates any provision of this article shall be subject to a civil penalty of one thousand dollars per violation if a natural person or ten thousand dollars per violation if a corporation. When the violation is the failure to file a registration statement as required by subdivision (a) of section sixteen hundred two of this article, the failure to file a solicitation or recommendation as required by subdivision (c) of section sixteen hundred two of this article, or the failure to amend such registration statement as required by subdivision (b) of section sixteen hundred three of this article, each business day of non-registration or failure to file a recommendation or solicitation or failure to amend constitutes a separate violation. The penalty imposed by this section shall be cumulative and more than one penalty shall be recoverable in the same action in any court of competent jurisdiction.