N.Y. Private Housing Finance Law § 303: Establishment of corporation

§ 303. Establishment of corporation. There is hereby created a

corporation which shall be known as "The Mortgage Facilities

Corporation." The principal office of the corporation shall be in the

borough of Manhattan in the county of New York. Within ten days after

such office is established and, within ten days after the removal of

such office, the corporation shall notify the secretary of state of the

street address in such borough where its principal office is located,

and the secretary of state shall note such address upon his records.

Except as otherwise provided in this article, the corporation shall be

possessed of all the powers, privileges and immunities which now are or

hereafter may be conferred on corporations with capital stock by the

stock corporation law and the general corporation law or the business

corporation law and for such purposes shall be deemed to have been

organized under the provisions of said laws. Process in any action or

proceeding against the corporation may be served upon the secretary of

state, as the agent of the corporation for such purposes. Such process

shall be served in the manner prescribed in section three hundred six of

the business corporation law for service against a domestic business or

transportation corporation, accompanied by the fee for such service as

prescribed therein and the secretary of state shall forthwith send one

of the copies served upon him to the corporation at its principal

office. If such corporation fails to commence business by June first,

nineteen hundred fifty-seven, its existence shall terminate and the

provisions of this article shall become null and void. For the purposes

of this section only the corporation shall be deemed to have commenced

business when two and one-half per centum of the capital stock thereof

shall have been paid into the treasury and ten members shall have

qualified as hereinafter provided. Once having commenced business, the

duration of the corporation shall be perpetual.