N.Y. Banking Law § 550: Incorporation; organization certificate

§ 550. Incorporation; organization certificate. When authorized by the

superintendent as provided in article two of this chapter, five or more

persons may form a corporation to be known as a mutual trust investment

company. Such persons shall subscribe and acknowledge and submit to the

superintendent at the superintendent's office an organization

certificate in duplicate which shall specifically state:

1. The name by which the mutual trust investment company is to be

known and the investment purpose of its formation under the following

section five hundred fifty-one.

2. The place where its principal office is to be located.

3. The amount of its capital stock and the number of shares into which

such capital stock shall be divided.

4. The full name, residence and post-office address of each of the

incorporators and the number of shares subscribed for by each.

5. The term of its existence, which may be perpetual.

6. The number of its directors, which shall not be less than five and

the names and addresses of the persons who shall be its directors until

the first annual meeting of stockholders.

Such certificate may provide for the manner in which the stock of the

corporation may be transferred and for the number of directors necessary

to constitute a quorum.

When the superintendent shall have endorsed his approval on the

organization certificate as provided in article two of this chapter, the

corporate existence shall begin.