N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 202: Restriction upon commencement of business

§ 202. Restriction upon commencement of business. No business

corporation organized under the provisions of this article shall engage

in the prosecution or management of its business until the whole of its

capital stock shall have been subscribed, nor until it shall have filed

in the offices where certificates of incorporation were filed, a further

certificate stating that the whole of its capital stock has been in good

faith subscribed, executed and acknowledged by its president or

vice-president and treasurer or secretary, and verified by them to the

effect that the statements contained in it are true.

Notwithstanding the foregoing, corporations organized pursuant to

section two hundred one of the not-for-profit corporation law as

charitable corporations as defined in paragraph (a) of section one

hundred two (Definitions) of the not-for-profit corporation law shall

not engage in the prosecution or management of its business until its

certificate of incorporation has been accepted for filing by the

secretary of state and such confirmation of filing has been filed with

the commission and the franchise oversight board.