N.Y. Railroad Law § 227: Organization

§ 227. Organization. Whenever the whole capital stock of such

corporation or an amount of such capital stock proportioned to the part

of such railroad directed by the commissioners to be constructed, shall

have been subscribed by not less than fifteen persons, and the fixed

percentage of such subscriptions shall have been paid, in cash, the

commissioners shall, by written or printed notice of ten days, served

personally or by mail, call a meeting of such subscribers for

organization, and appoint the inspectors of election to serve thereat.

At such meeting, or at any subsequent one to which the same may be

adjourned, a majority in number and amount of such subscribers may elect

persons, of a number to be theretofore determined by the commissioners

not less than nine, who shall be directors for one year of the

corporation formed for the purposes of constructing and operating such

railroad.