N.Y. Business Corporation Law 507 – Compensation for formation, reorganization and financing
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§ 507. Compensation for formation, reorganization and financing.
Terms Used In N.Y. Business Corporation Law 507
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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.