N.Y. Banking Law Section 5015
Capital notes and debentures

No corporation shall issue capital notes or debentures except for money or other property, tangible or intangible, or labor or services actually received by or performed for the corporation or for its benefit or in its formation or reorganization, or a combination thereof. In the absence of fraud in the transaction, the judgment of the board as to the value of the consideration received shall be conclusive.

Source: Section 5015 — Capital notes and debentures, https://www.­nysenate.­gov/legislation/laws/BNK/5015 (updated Sep. 22, 2014; accessed Dec. 2, 2023).

Dec. 2, 2023

Last modified:
Sep. 22, 2014

§ 5015’s source at nysenate​.gov

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