N.Y. Banking Law Section 5006
Compensation for formation, reorganization and financing

The reasonable charges and expenses of formation or reorganization of a corporation, and the reasonable expenses of and compensation for the sale or underwriting of its shares may be paid or allowed by the corporation out of the consideration received by it in payment for its shares without thereby impairing the fully paid and nonassessable status of such shares as provided in subdivision eight of section five thousand four.

Source: Section 5006 — Compensation for formation, reorganization and financing, https://www.­nysenate.­gov/legislation/laws/BNK/5006 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 5006’s source at nysenate​.gov

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