N.Y. Banking Law § 4004: When corporate existence begins; conditions precedent to commencing business

§ 4004. When corporate existence begins; conditions precedent to

commencing business. 1. When the superintendent shall have endorsed his

approval on the organization certificate as provided in article two of

this chapter, the corporate existence of the corporation shall begin and

such corporation shall then have power to elect officers and transact

such other business as relates to its organization. Such corporation

shall transact no other business until:

(a) All of its capital stock, except such shares as may be reserved in

accordance with any provision made therefor in the organization

certificate, shall have been fully paid in cash and an affidavit stating

that it has been so paid, subscribed and sworn to by two of its

principal officers, shall have been delivered to and filed by the

superintendent.

(b) In the case of a bank or trust company, stock-form savings bank,

or stock-form savings and loan association, there shall have been

delivered to and filed by the superintendent a list of its stockholders,

verified by two of its principal officers, giving the name, residence,

post-office address and the number of shares of stock held by each

stockholder; which list shall become a confidential communication and

shall not be filed in the office of the county clerk or be made public,

unless, in the judgment of the superintendent, the ends of justice or

the public advantage will be subserved by the publication thereof;

(c) The superintendent shall have duly issued to it the authorization

certificate specified in article two of this chapter.