Terms Used In New York Laws > Business Corporation > Article 7 - Directors and Officers

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commissioner: shall mean the commissioner of consumer and worker protection. See N.Y. New York City Administrative Code 20-102
• Department: shall mean the department of consumer and worker protection. See N.Y. New York City Administrative Code 20-102
• entire board: means the total number of directors which the corporation would have if there were no vacancies. See N.Y. Business Corporation Law 702
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Intestate: Dying without leaving a will.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: shall mean an authorization by the department of consumer and worker protection to carry on various activities within its jurisdiction, which may take the form of a license, permit, registration, certification or such other form as is designated under law, regulation or rule. See N.Y. New York City Administrative Code 20-102
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Organization: shall mean a business entity, including but not limited to a corporation, trust, estate, partnership, cooperative, association, firm, club or society. See N.Y. New York City Administrative Code 20-102
• Person: shall mean a natural person or an organization. See N.Y. New York City Administrative Code 20-102
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Summons: Another word for subpoena used by the criminal justice system.
• Testator: A male person who leaves a will at death.
• Testify: Answer questions in court.