New York Banking Law Section 2-B - Limited liability trust companies; definitions.

  2-b.  Limited  liability  trust  companies;  definitions.  When the
  provisions of this chapter are applied to the formation and operation of
  a limited liability trust company references to:
1. "Board of directors" shall include the managers  charged  with  the
  management  of  a  limited  liability  trust company as set forth in its
  articles of organization.
2. "By-laws" shall  include  the  operating  agreement  of  a  limited
  liability trust company.
3.  "Capital stock" shall include the cash and property the members of
  a limited liability trust company have contributed to the  company,  but
  shall  not  include  promissory notes or other obligations to contribute
  cash or property or to perform future services.
4. "Corporation" shall include an unincorporated trust company  formed
  as  a  limited  liability  trust  company  pursuant to the provisions of
  article three of this chapter.
5. "Director" shall include one  of  the  managers  charged  with  the
  management  of  a  limited  liability  trust company as set forth in its
  articles of organization.
6. "Dividend" shall include the distribution of  a  limited  liability
  trust company's cash or other assets to its members.
7.  "Incorporator"  shall  include the person or persons who is or are
  the organizer or organizers of a limited liability trust company.
8.  "Organization  certificate"  shall   include   the   articles   of
  organization of a limited liability trust company.
9.  "Share" shall include the equity interest of a member of a limited
  liability trust company as  set  forth  in  the  company's  articles  of
  organization or, in the absence of such a provision, the equity interest
  represented  by a member's right to a proportionate share of the profits
  of the company.
10. "Stock" shall include  the  equity  interest  represented  by  the
  percentage  of  the  total  votes  a member may cast as set forth in the
  articles of organization of a limited liability trust company or, in the
  absence of such a  provision,  the  equity  interest  represented  by  a
  member's right to a proportionate share of the profits of the company.
11.  "Stockholder" shall include a member of a limited liability trust
  company who has an equity interest represented by his, her, or its right
  to a proportionate share of the profits or capital of the company.
12. "Voting stock" shall include the definition of stock as set  forth
  in this section.

Last modified: February 3, 2019