N.Y. Banking Law 603 – Issuance of new certificates of stock or other consideration
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§ 603. Issuance of new certificates of stock or other consideration. The receiving corporation may require the return of the original certificate or certificates held by each stockholder or shareholder in such other corporation or corporations and may issue in lieu thereof new certificates for such number of its own shares, or pay or deliver such other consideration, as such stockholder or shareholder may be entitled to receive under the merger plan.
Terms Used In N.Y. Banking Law 603
- 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.