N.Y. Business Corporation Law § 625: Infant shareholders and bondholders

§ 625. Infant shareholders and bondholders.

(a) A corporation may treat an infant who holds shares or bonds of

such corporation as having capacity to receive and to empower others to

receive dividends, interest, principal and other payments and

distributions, to vote or express consent or dissent, in person or by

proxy, and to make elections and exercise rights relating to such shares

or bonds, unless, in the case of shares, the corporate officer

responsible for maintaining the list of shareholders or the transfer

agent of the corporation or, in the case of bonds, the treasurer or

paying officer or agent has received written notice that such holder is

an infant.

(b) An infant holder of shares or bonds of a corporation who has

received or empowered others to receive payments or distributions, voted

or expressed consent or dissent, or made an election or exercised a

right relating thereto, shall have no right thereafter to disaffirm or

avoid, as against the corporation, any such act on his part, unless

prior to such receipt, vote, consent, dissent, election or exercise, as

to shares, the corporate officer responsible for maintaining the list of

shareholders or its transfer agent or, in the case of bonds, the

treasurer or paying officer had received written notice that such holder

was an infant.

(c) This section does not limit any other statute which authorizes any

corporation to deal with an infant or limits the right of an infant to

disaffirm his acts.