Banking Law § 5012 · Title 5. Corporate Finance
Purchase or redemption by a corporation of its own shares
Text — Law content up to date as of January 9, 2026, as published by the New York State Senate (Open Legislation)
§ 5012. Purchase or redemption by a corporation of its own shares. 1. A corporation may purchase its own shares, or pay stockholders entitled to receive payment for their shares, when permitted or required under any other provision of this chapter.
2. To effect retirement of its common shares reacquired under section one hundred forty-a of this chapter, or of its preferred shares in accordance with any provision in its organization certificate, a corporation may, with the written approval of the superintendent, purchase or redeem such shares out of undivided profits or surplus or, to the extent of the par value of such shares, out of capital stock.
3. Nothing in this title shall prevent a corporation from returning to stockholders any amounts made available for such purpose by a reduction of capital stock in accordance with section eight thousand two.
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/BNK5012
- Text hash
- sha256 48b0b793d8146a3a913ccf998430b4afa04f86c6084333356a870876ecb0dc32
- 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.