N.Y. Banking Law § 7017: Actions against directors and officers for misconduct

§ 7017. Actions against directors and officers for misconduct. 1. An

action may be brought against one or more directors or officers of a

corporation to procure a judgment for the following relief:

(a) To compel the defendant to account for his official conduct in the

following cases:

(1) The neglect of, or failure to perform, or other violation of his

duties in the management and disposition of corporate assets committed

to his charge.

(2) The acquisition by himself, transfer to others, loss or waste of

corporate assets due to any neglect of, or failure to perform, or other

violation of his duties.

(b) To set aside an illegal conveyance, assignment or transfer of

corporate assets, where the transferee knew of its illegality.

(c) To enjoin a proposed illegal conveyance, assignment or transfer of

corporate assets, where there is sufficient evidence that it will be

made.

2. Subject to section six hundred thirty-one of this chapter, an

action may be brought for the relief provided in this section and in

subdivision one of section seven thousand sixteen by a corporation, or a

receiver, trustee in bankruptcy, officer, director or judgment creditor

thereof, or, under section six thousand twenty-five, by a stockholder or

the owner of a beneficial interest in shares thereof.

3. This section shall not affect any liability otherwise imposed by

law upon any director or officer.