There is a newer version
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the New York Laws
2017 New York Laws
BNK - Banking
Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies
Title 5 - Corporate Finance
5009 - Dividends or Other Distributions in Cash or Property.
Universal Citation: NY Banking L § 5009 (2017)
5009. Dividends or other distributions in cash or property. Subject to sections one hundred ten, one hundred twelve and five hundred seventeen of this chapter, a corporation may declare and pay dividends or make other distributions in cash or property, including the shares or bonds of other corporations, on its outstanding shares, out of net profits or surplus, except when there is any impairment of capital stock, or when the declaration, payment, or distribution would be contrary to any restrictions contained in the organization certificate.
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