§ 434. When corporate existence begins; conditions precedent to
commencing business. When the superintendent shall have endorsed his
approval on the organization certificate as provided in article two of
this chapter, the corporate existence of the Savings and Loan Bank of
the State of New York shall begin and it shall then have power to elect
officers and transact such other business as relates to its
organization; but such savings and loan bank shall transact no other
business until: 1. Subscriptions to its shares aggregating one hundred
thousand dollars shall have been paid in cash and an affidavit stating
that such subscriptions have been so paid, subscribed and sworn to by
its two principal officers, shall have been filed in the clerk's office
of the county of New York, and a certified copy thereof in the office of
the superintendent.

2. The superintendent shall have duly issued to it the authorization
certificate specified in article two of this chapter.