N.Y. General Business Law 352-F – Description of realty bonds
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§ 352-f. Description of realty bonds. Whenever hereafter any person, partnership, corporation, company, trust or association, or any agent or employee thereof, makes or takes part in an offering or sale of securities described in subdivision one of section three hundred fifty-two-e of this article, and such securities consist of bonds or other evidence of indebtedness, there shall be included in numeral form, in bold print on the first page of all offering literature employed in the solicitation and sale of such securities, the actual interest rate payable on such securities. Such rate shall not include any return of principal.
Terms Used In N.Y. General Business Law 352-F
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- principal: shall mean and include every person or firm directly or indirectly controlling any broker or dealer. See N.Y. General Business Law 359-E