N.Y. Banking Law § 434: When corporate existence begins; conditions precedent to commencing business

§ 434. When corporate existence begins; conditions precedent to

commencing business. 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 Savings and Loan Bank of

the State of New York shall begin and it shall then have power to elect

officers and transact such other business as relates to its

organization; but such savings and loan bank shall transact no other

business until: 1. Subscriptions to its shares aggregating one hundred

thousand dollars shall have been paid in cash and an affidavit stating

that such subscriptions have been so paid, subscribed and sworn to by

its two principal officers, shall have been filed in the clerk's office

of the county of New York, and a certified copy thereof in the office of

the superintendent.

2. The superintendent shall have duly issued to it the authorization

certificate specified in article two of this chapter.