N.Y. Business Corporation Law Section 908
Guarantee authorized by shareholders

A guarantee may be given by a corporation, although not in furtherance of its corporate purposes, when authorized at a meeting of shareholders by two-thirds of the votes of all outstanding shares entitled to vote thereon. If authorized by a like vote, such guarantee may be secured by a mortgage or pledge of, or the creation of a security interest in, all or any part of the corporate property, or any interest therein, wherever situated.

Source: Section 908 — Guarantee authorized by shareholders, https://www.­nysenate.­gov/legislation/laws/BSC/908 (updated Sep. 22, 2014; accessed Dec. 2, 2023).

Dec. 2, 2023

Last modified:
Sep. 22, 2014

§ 908’s source at nysenate​.gov

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