{"data":{"id":"us-ny/n.y.-banking-law-216","jurisdiction":"us-ny","citation":"N.Y. Banking Law § 216","heading":"Capital stock","body":"§ 216. Capital stock. The capital stock of such corporation shall be\nfive hundred thousand shares of common and preferred stock, in such\namounts as shall be established in the by-laws by the board of\ndirectors, with the preferred stock having such relative rights,\npreferences and limitations as shall be established in the by-laws by\nthe board of directors.  At least a majority of the capital stock of\nsuch corporation shall at all times be held by residents of the state or\nby persons, firms or corporations engaged in doing business therein.","path":["Banking Law","Article 5-A. New York Business Development Corporation"],"source_url":"https://legislation.nysenate.gov/api/3/laws/BNK/216","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"0d3c6ffa28f0cbbe1d8493e37b20e7a9494588d4393158e1bfa242a260a1efe6","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-banking-law-215","next":"us-ny/n.y.-banking-law-217"},"notice":"GroundRules: Original legal text. Not legal advice."}