N.Y. Banking Law § 5006: Compensation for formation, reorganization and financing

§ 5006. Compensation for formation, reorganization and financing. The

reasonable charges and expenses of formation or reorganization of a

corporation, and the reasonable expenses of and compensation for the

sale or underwriting of its shares may be paid or allowed by the

corporation out of the consideration received by it in payment for its

shares without thereby impairing the fully paid and nonassessable status

of such shares as provided in subdivision eight of section five thousand

four.