N.Y. Business Corporation Law Section 507
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.

Source: Section 507 — Compensation for formation, reorganization and financing, https://www.­nysenate.­gov/legislation/laws/BSC/507 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 507’s source at nysenate​.gov

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