N.Y. Banking Law § 4001-b: Formation of limited liability trust companies

§ 4001-b. Formation of limited liability trust companies. 1.

Notwithstanding the provisions of section four thousand one of this

title and when authorized by the superintendent as provided in article

two of this chapter, five or more persons may form a limited liability

trust company pursuant to the provisions of article three of this

chapter. Such person or persons shall subscribe and acknowledge the

articles of organization in duplicate, which shall specifically state:

(a) the name by which the limited liability trust company is to be

known;

(b) the place where its office is to be located;

(c) the amount of its capital contributions;

(d) if the company is to have classes or groups of members, the

relative rights, powers, preferences, limitations, and voting powers of

each such class or group;

(e) the names and places of residence of the persons forming the

company;

(f) the duration of the company;

(g) the number of managers charged with the management of the company

as its board, provided that such number shall be in accordance with the

requirements set forth in section seven thousand two of this article;

and

(h) the names of the persons who shall manage the company until the

first annual meeting of the members, provided that such persons must

possess the qualifications as to citizenship and residence specified in

section seven thousand one of this article.

2. No limited liability trust company shall be authorized to exercise

the powers set forth in this chapter or the limited liability company

law unless its capital contributions amount to not less than the amounts

prescribed by the superintendent.