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The Laws of New York
Consolidated Laws of New York
CHAPTER 2
Banking
ARTICLE 15
General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies
TITLE 5
Corporate Finance
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SECTION 5008
Fractions of a share or scrip authorized
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TITLE 5
Corporate Finance
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SECTION 5010
Share distributions and changes
This entry was published on 2014-09-22
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SECTION 5009
Dividends or other distributions in cash or property
Banking (BNK) CHAPTER 2, ARTICLE 15, TITLE 5
§ 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.