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