N.Y. Banking Law Section 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 the by-laws by the board of directors, with the preferred stock having such relative rights, preferences and limitations as shall be established in the by-laws by the board of directors. At least a majority of the capital stock of such corporation shall at all times be held by residents of the state or by persons, firms or corporations engaged in doing business therein.

Source: Section 216 — Capital stock, https://www.­nysenate.­gov/legislation/laws/BNK/216 (updated Sep. 22, 2014; accessed May 25, 2024).

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Accessed:
May 25, 2024

Last modified:
Sep. 22, 2014

§ 216’s source at nysenate​.gov

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