N.Y. Banking Law § 674: Presumption of knowledge of corporate condition and business and of assent thereto by directors; definitions

§ 674. Presumption of knowledge of corporate condition and business

and of assent thereto by directors; definitions. It is no defense to a

prosecution for a violation of the provisions of this article, that the

corporation is a foreign corporation, if it carries on business or keeps

an office therefor in this state.

The term "director" as used in this article includes any of the

persons having, by law, the direction or management of the affairs of a

corporation, by whatever name described.

A director of a corporation or joint-stock association is deemed to

have such a knowledge of the affairs of the corporation or association

as to enable him to determine whether any act, proceeding or omission of

its directors is a violation of this article. If present at a meeting of

the directors at which any act, proceeding or omission of such directors

in violation of this article occurs, he must be deemed to have concurred

therein, unless he at the time causes or in writing requires his dissent

therefrom to be entered on the minutes of the directors. If absent from

such meeting, he must be deemed to have concurred in any such violation,

if the facts constituting such violation appear on the record or minutes

of the proceedings of the board of directors, and he remains a director

of the corporation for six months thereafter without causing or in

writing requiring his dissent from such violation to be entered on such

record or minutes.