Banking Law § 5009 · Title 5. Corporate Finance
Dividends or other distributions in cash or property
Text — Law content up to date as of January 9, 2026, as published by the New York State Senate (Open Legislation)
§ 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.
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/BNK5009
- Text hash
- sha256 2ba72607db9a11090ce3688c499d19ea358092f551efc11ba4b171a963411c7d
- 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.