New York Banking Law Article 5-A - NEW YORK BUSINESS DEVELOPMENT CORPORATION

• 210 - Establishment.
  1. There is hereby created a corporation which shall be known as the "New York Business Development Corporation". Process in any action or proceeding against...
• 211 - Economic Regions.
  For the purposes of this article, the state is hereby divided into twelve economic regions, as follows: 1. Binghamton region. The counties of Broome, Chenango,...
• 212 - Purposes, Powers and Operation.
  1. (a) The purposes of such corporation shall be to assist, promote, encourage and, through the cooperative efforts of the institutions and corporations which shall,...
• 213 - Board of Directors.
  1. All the corporate powers of such corporation shall be exercised by a board of directors consisting of a maximum of thirty persons, all of...
• 214 - Committees.
  1. There shall be a loan committee of such corporation for each of the twelve economic regions as defined in section two hundred eleven of...
• 215 - Membership.
  1. The members of such corporation shall include such banking organizations, insurance and surety companies as may make application for membership in such corporation, and...
• 216 - Capital Stock.
  The capital stock of such corporation shall be five hundred thousand shares of common and preferred stock, in such amounts as shall be established in...
• 217 - Surplus, Obligations and Depositories.
  1. Such corporation shall set apart as an earned surplus all of its net earnings in each and every year until such earned surplus shall...
• 218 - Supervision and Reports.
  Such corporation shall be subject to the supervision, examination and control of the superintendent of financial services in the same manner as banking organizations are...
• 219 - Unissued Securities and Reorganization.
  1. The holders of capital stock of such corporation shall not, as such, have any preemptive or preferential right to purchase or subscribe for any...
• 220 - Participation.
  Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association,...

Last modified: February 3, 2019