§ 104. Corporate acts subject to approval of commissioner of\ntransportation. It shall be necessary for such a corporation to secure\nthe approval of the commissioner of transportation as a condition to the\nfollowing corporate acts: The issuance of stock; the issuance of bonds,\nnotes or other evidences of indebtedness, payable more than twelve\nmonths after the date of issuance; the mortgaging of property,\nprivileges or franchises to secure its obligations; the increase or\ndecrease of its capital or capital stock; the change of number of its\nshares; the purchase or acquisition of stocks, bonds or other evidences\nof indebtedness of any other corporation, domestic or foreign.\n Such order of approval shall state that in the opinion of the\ncommissioner the use of the capital to be obtained by the issue of such\nstock, bonds, notes, or evidences of indebtedness is reasonably required\nfor the purposes of the corporation, and shall specify the amount of\neach issue thereof to which his approval is given.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.