2012 New York Consolidated Laws
ACA - Arts and Cultural Affairs
Title F - THEATRICAL SYNDICATION FINANCING
Article 23 - (23.01 - 23.23) REGULATION OF THEATRICAL SYNDICATION FINANCING
23.07 - Records; bank accounts.

 
    § 23.07. Records;  bank accounts. All moneys raised from the offer and
  sale of syndication interests in a  theatrical  production  company,  as
  defined  herein,  shall be held in a special bank account in trust until
  actually employed for  pre-production  or  production  purposes  of  the
  particular  theatrical production company or returned to the investor or
  investors thereof. All  the  records  of  such  bank  account  and  bank
  transactions  shall  be  preserved  for  at least two years. It shall be
  clearly set  forth  in  writing  in  an  investment  agreement  and  any
  prospectus  or  circular  distributed  to  each investor in a theatrical
  production company, as defined herein, that all moneys raised  from  the
  offer  and  sale  of  syndication  interests  in a theatrical production
  company, as defined herein, shall be held in a special bank  account  in
  trust  until actually employed for pre-production or production purposes
  of the particular theatrical  production  company  or  returned  to  the
  investor  or  investors  thereof.  Any  provision  of  any  contract  or
  agreement or understanding, whether oral or in writing, whereby a person
  who so purchases  an  interest  in  any  theatrical  production  company
  syndication,  as defined herein, waives any provision of this section is
  absolutely void.