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The Laws of New York
Consolidated Laws of New York
CHAPTER 2
Banking
ARTICLE 15
General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies
TITLE 5
Corporate Finance
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SECTION 5014
Reacquired shares
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TITLE 5
Corporate Finance
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SECTION 5016
Convertible shares, capital notes and debentures
This entry was published on 2014-09-22
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SECTION 5015
Capital notes and debentures
Banking (BNK) CHAPTER 2, ARTICLE 15, TITLE 5
§ 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.