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This entry was published on 2014-09-22
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Formation of limited liability trust companies
§ 4001-b. Formation of limited liability trust companies. 1.
Notwithstanding the provisions of section four thousand one of this
title and when authorized by the superintendent as provided in article
two of this chapter, five or more persons may form a limited liability
trust company pursuant to the provisions of article three of this
chapter. Such person or persons shall subscribe and acknowledge the
articles of organization in duplicate, which shall specifically state:

(a) the name by which the limited liability trust company is to be

(b) the place where its office is to be located;

(c) the amount of its capital contributions;

(d) if the company is to have classes or groups of members, the
relative rights, powers, preferences, limitations, and voting powers of
each such class or group;

(e) the names and places of residence of the persons forming the

(f) the duration of the company;

(g) the number of managers charged with the management of the company
as its board, provided that such number shall be in accordance with the
requirements set forth in section seven thousand two of this article;

(h) the names of the persons who shall manage the company until the
first annual meeting of the members, provided that such persons must
possess the qualifications as to citizenship and residence specified in
section seven thousand one of this article.

2. No limited liability trust company shall be authorized to exercise
the powers set forth in this chapter or the limited liability company
law unless its capital contributions amount to not less than the amounts
prescribed by the superintendent.