N.Y. Banking Law § 216: Capital stock

§ 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.