N.Y. Business Corporation Law § 908: Guarantee authorized by shareholders

§ 908. Guarantee authorized by shareholders.

A guarantee may be given by a corporation, although not in furtherance

of its corporate purposes, when authorized at a meeting of shareholders

by two-thirds of the votes of all outstanding shares entitled to vote

thereon. If authorized by a like vote, such guarantee may be secured by

a mortgage or pledge of, or the creation of a security interest in, all

or any part of the corporate property, or any interest therein, wherever

situated.