Banking Law § 5006 · Title 5. Corporate Finance
Compensation for formation, reorganization and financing
Verbatim from the official edition
Text — Law content up to date as of January 9, 2026, as published by the New York State Senate (Open Legislation)
§ 5006. Compensation for formation, reorganization and financing. The reasonable charges and expenses of formation or reorganization of a corporation, and the reasonable expenses of and compensation for the sale or underwriting of its shares may be paid or allowed by the corporation out of the consideration received by it in payment for its shares without thereby impairing the fully paid and nonassessable status of such shares as provided in subdivision eight of section five thousand four.
Source of truth
- Edition
- Law content up to date as of January 9, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/BNK5006
- Text hash
- sha256 a3da6200fa99c40c9e74134f7e022524892e8b83c395e97afdb6ac4e0a9a0212
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.