2006 New York Code - Authorization Certificate; When And To Whom Issued; Contents; Filing And Recording.

 
    § 25.  Authorization  certificate;  when and to whom issued; contents;
  filing and recording.  1.  If  the  superintendent  shall  find  that  a
  corporation  or  private  banker,  the  certificate  of  which  has been
  approved and filed as provided in section twenty-four of  this  article,
  has  in  good  faith  complied  with  all  the  requirements  of law and
  fulfilled all the conditions precedent to commencing business imposed by
  this chapter, he shall, within  ninety  days  after  the  date  of  such
  approval,  or  within  such  longer  period  thereafter as he may permit
  pursuant to the second sentence of this  subdivision,  but  in  no  case
  after  the  expiration  of  that  period,  issue  under his hand and the
  official  seal  of  the  department,  in  triplicate,  an  authorization
  certificate  to  the  person  or  persons  named  in  such  organization
  certificate or private  banker's  certificate.  The  superintendent  may
  extend   the   period  within  which  he  may  issue  the  authorization
  certificate by an additional sixty  days,  provided,  however,  that  he
  shall  have determined that such extension of time is needed for raising
  capital,  for  fulfilling  any  other   condition   precedent   to   the
  commencement  of  business  or  for  satisfying any other requirement of
  organization, whether imposed by statute or regulation,  and  that  such
  extension  is  consistent  with  the  declaration of policy contained in
  section ten of this chapter. Such authorization certificate shall  state
  that  the  corporation or private banker named therein has complied with
  the provisions of this chapter and that it is authorized to transact the
  business specified therein.   Such authorization  certificate  shall  be
  conclusive  evidence  that  all conditions precedent have been fulfilled
  and that the corporation has been formed under this chapter,  except  in
  an  action  or  special  proceeding brought by the superintendent or the
  attorney general. The superintendent shall cause one of  the  triplicate
  authorization  certificates  to  be  transmitted  to  the corporation or
  private banker thereby authorized to commence business,  another  to  be
  filed  in the office of the department, and the third to be filed in the
  county clerk's office in  which  the  organization  certificate  or  the
  private   banker's  certificate  has  been  filed.  The  copies  of  the
  authorization certificate filed in the offices of the superintendent and
  the county clerk shall be attached to the  copies  of  the  organization
  certificate  or  private  banker's certificate previously filed and such
  certificates shall be recorded in the records of incorporation therein.
    2.  Any  corporation  which  shall  not   receive   an   authorization
  certificate  within  the time period provided by subdivision one of this
  section shall forfeit its rights and privileges as a corporation and its
  corporate powers shall cease and determine.
    3. Any corporation which shall not commence business within six months
  after the date on which its authorization certificate is issued  by  the
  superintendent  shall forfeit its rights and privileges as a corporation
  and its corporate powers shall  cease  and  determine  unless  the  time
  within  which  such  business  may be commenced has been extended by the
  superintendent.  Upon satisfactory cause being shown, the superintendent
  may grant an extension for a period of not  more  than  one  year.  Such
  extension  shall  be granted by order executed, transmitted and filed in
  the manner provided for an authorization certificate in subdivision  one
  of this section.