There is a newer version of the New York Consolidated Laws
2010 New York Code
BSC - Business Corporation
Article 5 - (501 - 520) CORPORATE FINANCE
514 - Agreements for purchase by a corporation of its own shares.
§ 514. Agreements for purchase by a corporation of its own shares.
(a) An agreement for the purchase by a corporation of its own shares
shall be enforceable by the shareholder and the corporation to the
extent such purchase is permitted at the time of purchase by section 513
(Purchase or redemption by a corporation of its own shares).
(b) The possibility that a corporation may not be able to purchase its
shares under section 513 shall not be a ground for denying to either
party specific performance of an agreement for the purchase by a
corporation of its own shares, if at the time for performance the
corporation can purchase all or part of such shares under section 513.
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