2016 New York Laws
BNK - Banking
Article 12-A - (Banking) MUTUAL TRUST INVESTMENT COMPANIES
550 - Incorporation; organization certificate.

 550. Incorporation; organization certificate. When authorized by the
  superintendent  as provided in article two of this chapter, five or more
  persons may form a corporation to be known as a mutual trust  investment
  company.  Such persons shall subscribe and acknowledge and submit to the
  superintendent  at   the   superintendent's   office   an   organization
  certificate in duplicate which shall specifically state:
1.  The  name  by  which  the mutual trust investment company is to be
  known and the investment purpose of its formation  under  the  following
  section five hundred fifty-one.
2. The place where its principal office is to be located.
3. The amount of its capital stock and the number of shares into which
  such capital stock shall be divided.
4.  The  full  name,  residence and post-office address of each of the
  incorporators and the number of shares subscribed for by each.
5. The term of its existence, which may be perpetual.
6. The number of its directors, which shall not be less than five  and
  the  names and addresses of the persons who shall be its directors until
  the first annual meeting of stockholders.
Such certificate may provide for the manner in which the stock of  the
  corporation may be transferred and for the number of directors necessary
  to constitute a quorum.
When  the  superintendent  shall  have  endorsed  his  approval on the
  organization certificate as provided in article two of this chapter, the
  corporate existence shall begin.