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New York Business Corporations Law Section 514 - Agreements For Purchase By A Corporation Of Its Own Shares.

Legal Research Home > New York Lawyer > Business Corporations > New York Business Corporations Law Section 514 - Agreements For Purchase By A Corporation Of Its Own Shares.

  § 514. Agreements for purchase by a corporation of its own shares.
    (a) An  agreement  for the purchase by a corporation of its own shares
  shall be enforceable by the  shareholder  and  the  corporation  to  the
  extent such purchase is permitted at the time of purchase by section 513
  (Purchase or redemption by a corporation of its own shares).
    (b) The possibility that a corporation may not be able to purchase its
  shares  under  section  513  shall not be a ground for denying to either
  party specific performance  of  an  agreement  for  the  purchase  by  a
  corporation  of  its  own  shares,  if  at  the time for performance the
  corporation can purchase all or part of such shares under section 513.

Last modified: August 10, 2006