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The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
The New York Business Corporation Law is the primary corporation statute in the State of New York. It is an influential model in U.S. corporate law. It is chapter 4 of the Consolidated Laws of New York, originally enacted as chapter 567 of the Laws of 1890.
The Act relative to incorporations for manufacturing purposes passed by the 34th New York State Legislature on March 22, 1811, was the first law in the US giving a general authorization for formation of corporations. Whereas previously all corporations had to be formed by legislative charter, the 1811 act created a procedure for incorporation ...
Whether a municipality is defined as a borough, city, town, or village is determined not by population or land area, but rather on the form of government selected by the residents and approved by the New York State Legislature. [2] [3] [4] Each type of local government is granted specific home rule powers by the New York State Constitution. [5]
New York Business Corporation Law section 1104-a, the holders of 20 per cent of voting shares of a non-public corporation may request that the corporation be wound up on grounds of oppression. NY Bus Corp Law §1118 and Alaska Plastics, Inc. v. Coppock , 621 P.2d 270 (1980) the minority can sue to be bought out at a fair value, determined by ...
The New York State Legislature unanimously confirmed Benjamin M. Lawsky on May 24, 2011, as New York State's first Superintendent of Financial Services. [9] From May 24, 2011, until October 3, 2011, Lawsky also was appointed, and served as, Acting Superintendent of Banks for the former New York State Banking Department. [9]
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