N.Y. Banking Law § 6008: Quorum of stockholders

§ 6008. Quorum of stockholders. 1. The holders of a majority of the

shares entitled to vote thereat shall constitute a quorum at a meeting

of stockholders for the transaction of any business, provided that when

a specified item of business is required to be voted on by a class or

series, voting as a class, the holders of a majority of the shares of

such class or series shall constitute a quorum for the transaction of

such specified item of business.

2. The organization certificate or by-laws may provide for any lesser

quorum not less than one-third of the shares entitled to vote, and the

organization certificate may, under section six thousand sixteen,

provide for a greater quorum.

3. When a quorum is once present to organize a meeting, it is not

broken by the subsequent withdrawal of any stockholders.

4. The stockholders present may adjourn the meeting despite the

absence of a quorum.