2006 New York Code - Changes In Corporate Licenses.

 
    §  20-366  Changes  in  corporate licenses. If, during the term of the
  licensing period, one or more directors, stockholders or officers  of  a
  corporate  license,  is  substituted or added, such substituted or added
  directors, stockholders or officers shall,  within  five  days  of  such
  substitution  or addition, file with the commissioner an application for
  an approval of the change of directors, stockholders or officers on such
  forms as are prescribed by the commissioner. A waiver of this  provision
  may  be granted in the discretion of the commissioner to any corporation
  with regard to stockholders holding less than ten percent of the  issued
  stock.