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
5015 - Capital Notes and Debentures.
Universal Citation: NY Banking L § 5015 (2017)
5015. Capital notes and debentures. No corporation shall issue capital notes or debentures except for money or other property, tangible or intangible, or labor or services actually received by or performed for the corporation or for its benefit or in its formation or reorganization, or a combination thereof. In the absence of fraud in the transaction, the judgment of the board as to the value of the consideration received shall be conclusive.
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