N.Y. General Municipal Law 12 – Deposits of public authorities, public benefit corporations and other corporations
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§ 12. Deposits of public authorities, public benefit corporations and other corporations. In the event any public authority, public benefit corporation or such other corporation to whose governing board the mayor of the city of New York appoints one or more members shall require security from a bank or trust company for deposit of moneys, then such security may include obligations of the city of New York.
Terms Used In N.Y. General Municipal Law 12
- 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.