§ 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 such corporation may be served upon the secretary of state, as agent of such corporation for such purpose. If such corporation fails to commence business by April […]
§ 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, Delaware and Otsego. 2. Capital district-Champlain region. The counties of Clinton, Essex, Rensselaer, Albany, Saratoga, Schoharie, Schenectady, Warren and Washington. 3. Elmira region. The counties of […]
§ 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, from time to time, become members thereof, develop and advance the business prosperity and economic welfare of the state; to encourage and assist in […]
§ 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 whom shall be of full age, residents of the state and at least one-half of whom shall be citizens of the United States. 2. The […]
§ 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 this chapter or such other regions as the board of directors shall designate for this purpose. Each such committee shall include such persons as the board 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 membership shall become effective upon the acceptance of such applications by the board of directors. Each member shall lend funds to such corporation as and when called […]
§ 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 […]
§ 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 equal the total of the paid-in capital and paid-in surplus then outstanding. Said earned surplus shall be held in cash, invested in United States […]
§ 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 so supervised, examined and controlled by him pursuant to this chapter, and shall be examined by him annually, but such corporation shall not be deemed […]
§ 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 part of the unissued or new issue of capital stock of such corporation, whether now or hereafter authorized or issued, or to purchase or […]
§ 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, articles of organization, certificates of incorporation, or trust indentures: 1. All domestic corporations organized for the purpose of carrying on business within this state, including, without implied […]
