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This entry was published on 2020-10-16
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SECTION 202
Restriction upon commencement of business
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 2
§ 202. Restriction upon commencement of business. No business
corporation organized under the provisions of this article shall engage
in the prosecution or management of its business until the whole of its
capital stock shall have been subscribed, nor until it shall have filed
in the offices where certificates of incorporation were filed, a further
certificate stating that the whole of its capital stock has been in good
faith subscribed, executed and acknowledged by its president or
vice-president and treasurer or secretary, and verified by them to the
effect that the statements contained in it are true.

Notwithstanding the foregoing, corporations organized pursuant to
section two hundred one of the not-for-profit corporation law as
charitable corporations as defined in paragraph (a) of section one
hundred two (Definitions) of the not-for-profit corporation law shall
not engage in the prosecution or management of its business until its
certificate of incorporation has been accepted for filing by the
secretary of state and such confirmation of filing has been filed with
the commission and the franchise oversight board.